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2013 (11) TMI 1670 - ITAT PUNEPenalty imposed u/s. 271B - reasonable cause in not getting accounts audited before prescribed date as per provisions of section 44AB - Held that:- According to assessee, income pertaining to this had been credited in Profit and Loss Account after survey on account of declaration of additional income. This income has been credited much later after specified date of audit and under no circumstances, assessee could have got books of accounts audited by 31.10.2006. Assessee could not anticipate on specified date that turnover of the assessee exceeded ₹ 40 lakhs. The assessee at the relevant point of time was prevented by reasonable cause for not getting its accounts audited as per provisions of section 44AB. He was under the bonafide belief at relevant point of time that his income has not exceeded the prescribed limit as per provisions of section 44AB of I.T Act. In view of facts and circumstances of the case, we are of the view that assessee was prevented or reasonable cause in not getting accounts audited before prescribed date as per provisions of section 44AB. Accordingly, Assessing Officer is directed to delete the penalty imposed u/s. 271B of I.T Act.
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