TMI Blog1995 (6) TMI 65X X X X Extracts X X X X X X X X Extracts X X X X ..... the income disclosed from contract business. However, the CIT(A), had vide order dt.29th Nov., 1991, accepted the net profit rate disclosed by the assessee. The difference in the returned income and the finally assessed income was on account of disallowance of commission. The Assessing Officer had initiated penalty proceedings under s. 271A for non-maintenance of books of accounts. The penalty of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... thin sub-s. (1) of s. 44AA. Its case falls under sub-cl. (2) of s. 44AA. As per the said sub-section, the assessee is under an obligation to keep and maintain such books of accounts and other documents as may enable the Assessing Officer to compute assessee's total income in accordance with the provisions of the Act. 4. According to the learned counsel, the assessee could not maintain cash book ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f law. Therefore, the penalty under s. 271A was not warranted. In this connection, reliance has been placed on the decision of the Nagpur Bench of the Tribunal in the case of ITO vs. Papelal Gaur (1994) 49 TTJ (Nag) 126 and in the case of Harilal Dhanwani vs. ITO (1993) 45 TTJ (Del) 437. 5. The learned counsel further pointed out that the information made available to the Assessing Officer in th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he profits under the provisions of IT Act, 1961. We have perused the assessment order for the year under appeal and the order of the CIT(A) and we find that the information that would facilitate completion of assessment under the provisions of the IT Act, 1961 had been made available by the assessee and no difficulty was felt by the Assessing Officer in making the assessment for lack of records. W ..... X X X X Extracts X X X X X X X X Extracts X X X X
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