TMI Blog2013 (11) TMI 1668X X X X Extracts X X X X X X X X Extracts X X X X ..... .K. Panda, Accountant Member Appellant by : None Respondent by : Shri P.L. Pathade ORDER Per R.K. Panda, AM This appeal filed by the assessee is directed against the order dated 16- 01-2013 of the CIT(A)-I, Thane relating to Assessment Year 2007-08. 2. Despite service of notice none appeared on behalf of the assessee. An adjournment petition seeking adjournment of the case was filed which was rejected and the appeal was taken up for hearing. 3. Facts of the case, in brief, are that the assessee is a company engaged in the business of Land acquisitions and Developers. The assessee e-filed its return of income for the impugned assessment year on 30-03-2009. Although the total sales shown was at ₹ 72,49,812/- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he above group regarding the prices at which the lands would be transferred and the contract was at stake about its further continuation. According to the assessee, due to such uncertainties about the profits on the business transactions, no income could be recognised and therefore the books of accounts were incomplete on the date of survey and accounts were not audited. 3.2 It was further submitted that during the course of survey at the premises of the company, one of the partners Shri Rajesh Dake in anticipation of the total lands to be sold/transferred to M/s. Marathon Prachin Infrastructure Pvt. Ltd. at revised price negotiations, estimated the gross margins @Rs.50,000/- per acre and on this basis, the books of accounts were complet ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee has been accepted and the assessee has not preferred any appeal against the same addition. The assessee has got its books of accounts audited on 11-02-2009 and filed the return of income on 30-03-2009, which is not in dispute. We find the Assessing Officer levied the penalty u/s.271B for delay in getting the Audit report u/s.44AB. 6.1 We find some force in the submission of the assessee before the Assessing Officer as well as the CIT(A) regarding the reasons for not getting the accounts audited before the statutory date on the ground that till the date of finalization of the accounts and audit no agreement could be reached with M/s. Marathon Prachin Infrastructure Pvt. Ltd. regarding the prices at which the lands would be t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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