9911796707
TMI Blog1996 (11) TMI 104X X X X Extracts X X X X X X X X Extracts X X X X ..... sst. yrs. 1991-92 and 1992-93. 2. The learned counsel for the assessee submitted that the assessee has qualified only upto middle class and was not conversant with the work of writing of books of accounts. He could not engage any accountant in spite of all efforts. The assessee has, however, kept the details of bank account, various investments made by him, his drawings, payment of taxes, contra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... me of Rs. 40,000 and Rs. 42,000 respectively. The assessee also enclosed with the returns of income a statement of affairs giving the details of assets and liabilities as at the beginning of the year as well as on the close of the year. The declared income was estimated by taking into consideration the net increase in assets along with the tradings made by the assessee-firm and the household expen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the specified books of accounts. Since the Board has not prescribed the necessary rules relating to maintenance of accounts by the persons carrying on business, and as the assessee has furnished adequate information, so as to enable the ITO to compute his total income in accordance with the provisions of this Act, the penalty levied under s. 271A cannot be sustained on the facts and circumstances ..... X X X X Extracts X X X X X X X X Extracts X X X X
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