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M/s. Pai Transport Company Versus ITO, Ward-2 (2) , Belgaum

2015 (10) TMI 1436 - ITAT PANAJI

Levy of penalty u/s 271B - Failure to get accounts audited - Held that:- Income of the Assessee is basically from commission on transportation. The penalty levied u/s 271B is not a blanket penalty but is subject to the control of Sec. 273B. Thus, the Assessee does have the ground to raise the issue of reasonable cause. The Assessee has explained and shown with evidence that the Assessee is accounting only the commission as its income/turnover in its Profit & Loss account. Admittedly, no defect i .....

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o penalty is leviable u/s 271B.

In the circumstances, the penalty levied u/s 271B by the AO, and as confirmed by the ld. CIT(A) stands deleted. - Decided in favour of assessee. - ITA NOS. 46 & 248/PNJ/2014 - Dated:- 18-6-2015 - SHRI GEORGE MATHAN, HON BLE JUDICIAL MEMBER AND SHRI N.K. BILLAIYA, HON'BLE ACCOUNTANT MEMBER For The Assessee : V.K. Gurunathan, Adv. For The Revenue : Mehboob Ali Khan, Ld. DR ORDER PER GEORGE MATHAN : 1. ITA No. 46/PNJ/2014 is an appeal filed by the Asse .....

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late to the same Assessee and are on identical issues, both the appeals are disposed off by this common order. 3. It was submitted by the ld. AR that the Assessee is a booking agent for transportation of goods. It was the submission that the Assessee does not have any lorries. It was the submission that the Assessee s gross receipts for the year 2007-08 was ₹ 93,27,575/- and the commission income of the Assessee was only ₹ 7,30,465/-. For the A.Y 2008-09, the Assessee s gross receipt .....

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was of the bona fide belief that as the Assessee s turnover represented only the commission and the same was below the prescribed limit of ₹ 40 lacs, the Assessee had not got its books of accounts audited. It was the submission that the AO had considered the Freight payable account also and had treated the Assessee as having violated the provisions of Sec. 44AB as the total turnover exceeded ₹ 40 lacs. It was the submission that that the Freight payable account did not belong to the .....

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as correct. It was the submission that the Assessee is not an accommodation entry provider and the business of the Assessee was not in any way connected with accommodation entry providing. It was the further submission that the reliance made by the ld. CIT(A) was erroneous. 4. In reply, the ld. DR vehemently supported the order of the AO and the ld. CIT(A). 5. We have considered the rival submissions. At the outset, it is noticed that the income of the Assessee is basically from commission on tr .....

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