9911796707
TMI Blog2017 (7) TMI 104X X X X Extracts X X X X X X X X Extracts X X X X ..... B or trading in derivatives transaction and/ or the assessee is not liable to get the books of accounts audited u/s 44AB of the Act. 2. Brief facts of the case are that during the relevant AY, the assessee filed return of income on 29.03.2010 declaring total income of Rs. 32,61,150/-. During the assessment proceeding, the Assessing Officer (AO) noticed that the total turnover of the assessee was at Rs. 87,38,784/- which exceed the turnover of Rs. 40,00,000/- limit as prescribed u/s 44AB. Thus, the AO initiated the penalty u/s 271B vide order-sheet dated 19.11.2010. Notice u/s 274 r.w.s. 271 dated 24.12.2010 was served upon the assessee. In response to the order-sheet dated 19.11.2010, the assessee filed his reply dated 30.11.2010 and conte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oceeding. The authority letter of S/Shri P.N. Saha, A.H. Saha and Dalpat Saha is on record. The notice of hearing of appeal for 20.04.2017 was also duly served on the assessee by RPAD. The AD Card bearing acknowledgment of receipt is also available on record. We left no option except to hear the ld. DR for the Revenue and to proceed on the basis of material available on record. The Ld. DR for the Revenue supported the order of authorities below and would argue that in reply to the show-cause notice, the assessee has not given any plausible and convincing explanation. The assessee has taken lame excuse. The lower authorities considered the reply filed by assessee and after affording full opportunity, the penalty was levied. The ld. DR for th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... emendous courage and dynamism and on the other hand, he is taking such excuse which is not acceptable. We have seen that the order of ld. CIT (A) is reasoned one and does not suffer from any infirmity or illegality, which requires our interference. We have seen that in reply to the show-cause notice for initiation of penalty, the assessee has replied that he is a Sr. Citizen; his accounts are looked after by Accountant. The accountant of the assessee is not qualified person. The assessee was under bonafide belief that accounts are not required to be issued u/s 44AB of the Act. The assessee specifically pleaded in the reply that the Guidance note, 'Note of Tax Audit u/s 44AB' issued by ICAI that, if the turnover of Future & Option defined as ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
