Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2023 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (9) TMI 597 - ITAT RAIPURPenalty u/s. 271B - failure to get his books of accounts audited as per the mandate of Section 44AB - A.O while framing the assessment had, inter alia, initiated penalty proceedings u/s. 271A i.e. for failure on the part of the assessee to maintain books of account and other documents as required u/s. 44AA - HELD THAT:- Now when the assessee had been penalized u/s. 271A of the Act, i.e. for not maintaining his books of accounts and other documents as required u/s. 44AA of the Act, then, he could not have further been saddled with failure of getting such books of account which were admittedly not maintained audited. Our aforesaid observation is duly fortified by the judgment of the Hon’ble High Court of Allahabad in the case of CIT Vs. S.K Gupta & Co [2009 (9) TMI 231 - ALLAHABAD HIGH COURT]. As the requirement of getting the books of account audited could arise only where the books of account are maintained. It was further observed that if for some reason the assessee had not maintained books of account, then the appropriate provision under which penalty proceedings could be initiated was section 271A of the Act. On the basis of the aforesaid observations, penalty that was imposed by the A.O on the assessee firm was quashed. Penalty imposed by the A.O u/s. 271B of the Act is quashed. Appeal of assessee allowed.
|