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2013 (10) TMI 649 - AT - Income TaxPenalty u/s 271B of the Income Tax Act – Failure to comply with the requirement of tax audit u/s 44AB of the Income Tax Act - Explanation of the assessee to the show cause notice is that the assessee was a statutory body and it was also allowed registration under Section 12AA of the Act by the Commissioner of Income Tax, Bathinda, w.e.f 12.06.2003. The assessee was not under any legal obligation to get its accounts audited in view of the provisions of Section 44AB of the Act – Held that:- Assessee had shown receipts of Rs. 12,21,97,171/- in the return filed by it, besides the receipts of Rs. 7,39,80,248/-.Thus, the total receipts of the assessee during the year under considering worked out at Rs. 19,61,77,419/- - As a turnover in the case exceeded Rs. 40 lacs, the assessee was required to get its accounts audited as per the provisions of Section 44AB of the Act. Since the assessee failed to comply with the said provisions, proceedings for imposing of penalty under Section 271B of the Act was initiated - Section 12AA of the Act did not exempt any entity from getting the accounts audited if its gross taxable receipts exceed the limit prescribed under Section 44AB of the Act – Decided against the Assessee.
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