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2015 (10) TMI 1436 - ITAT PANAJI

2015 (10) TMI 1436 - ITAT PANAJI - TMI - 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 Profi .....

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s is clearly a bona fide claim on which no 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. 4 .....

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penalty u/s 271B. As both the appeals relate 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 .....

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. It was the submission that the Assessee 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 Frei .....

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hat the levy of penalty on the Assessee was 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 As .....

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