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M/s. Maxpro Associates, Versus Assistant Commissioner of Income Tax, Panvel Circle, Panvel, Dist. Raigad

Penalty imposed u/s. 271B - reasonable cause in not getting accounts audited before prescribed date as per provisions of section 44AB - Held that:- According to assessee, income pertaining to this had been credited in Profit and Loss Account after survey on account of declaration of additional income. This income has been credited much later after specified date of audit and under no circumstances, assessee could have got books of accounts audited by 31.10.2006. Assessee could not anticipate on .....

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in not getting accounts audited before prescribed date as per provisions of section 44AB. Accordingly, Assessing Officer is directed to delete the penalty imposed u/s. 271B of I.T Act. - ITA Nos. 918 & 919/PN/2013 - Dated:- 27-11-2013 - SHRI SHAILENDRA KUMAR YADAV, JUDICIAL MEMBER, AND SHRI G.S. PANNU, ACCOUNTANT MEMBER Appellant by : Shri Pravij Patil Respondent by : Shri S.P. Walimbe ORDER PER SHAILENDRA KUMAR YADAV, J.M: Both these appeals pertains to same assessee for A.Y. 2006- 07 and 2007 .....

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d have been levied. Reasons assigned by him are wrong, totally unreasonable and illogical to justify the penalty of ₹ 1,00,000/- levied by him. The said penalty is bad in law. 2. The learned Commissioner of Income Tax (Appeals) erred in arriving at the conclusion of confirming penalty without considering the facts and submission made before him during the appellate proceedings. 3. The learned Commissioner of Income Tax (Appeals) erred in rejecting the explanation of reasonable cause furnis .....

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riginal return of income for A.Y. 2006-07 at loss of ₹ 35,765/- on 30.03.2007. A survey u/s. 133A of I.T Act was carried out at the premises of the assessee firm on 10-11/01/2008. Due to survey operation, the assessee firm declared an additional income of ₹ 2,09,57,320/- and after revising the return of income, the assessment in this case was completed at an income of ₹ 1,81,99,570/-. It was found during the survey that the books of accounts of the firm were incomplete on the d .....

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ons of section 44AB are applicable only in case where total turnover or the gross receipts as per books of accounts exceeded ₹ 40 lakhs. In their case, the total sales or the gross receipts did not exceed ₹ 40 lakhs, therefore, the provisions of section 44AB were not applicable. According to the assessee firm, the income of ₹ 2,09,57,320/- disclosed at the time of survey was not credited in the books of account before 31/10/2006 and therefore the same could not be considered fo .....

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2 The Assessing Officer did not agree with the stand of the assessee, he found that the assessee did not get its books of accounts audited through turnover of the assessee above 40 lakhs above during the survey and the assessee was aware of the fact that it was its duty to get the accounts audited as per the provisions of section 44AB. So, he violated the provisions of section 44AB and liable for penalty u/s.271B. 2.3 Matter was carried before first appellate authority, who confirmed the order o .....

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