2018 (1) TMI 1292

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..... ection 44AA of the Act. Therefore, in the absence of bonafide explanation the penalty levied u/s 271A is justified - Decided against assessee. - ITA No. 653/JP/2017 - - - Dated:- 11-12-2017 - SHRI VIJAY PAL RAO, JUDICIAL MEMBER For The Assessee : Shri Vimal Chopra (C.A.) For The Revenue : Smt. Punam Rai (D.CIT) ORDER PER: VIJAY PAL RAO, J.M. This appeal by the assessee is directed against the order dated 29.05.2017 of CIT(A), Jaipur arising from the penalty order passed u/s 271A of the Act for the assessment year 2011-12. The Assessee has raised the following grounds:- 1. That the order is bad in law and on facts 2. That the addition has been made despite of the facts that the assessee filed his .....

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..... 5,000/- . The assessee challenged the action of the AO before the ld. CIT(A) but could not succeed. 3. Before the Tribunal, the ld. AR of the assessee has submitted that the purpose of maintaining books of account as required u/s 44A is to enable the Assessing Officer to compute the income of the assessee in accordance with the provisions of the Act. The assessee has maintained the books of accounts and other documents which enabled the Assessing Officer to assess the income of the assessee based on the revised computation sheet filed by the assessee and on the basis of the entry appearing in the bank statements. There is no material or evidence on record to show that the assessee has not maintained the books of accounts due to deliberat .....

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..... sessing Officer from the bank account of the assessee. Only when the AO has detected this fact, the assessee admitted the turnover of more than ₹ 4 crores, which exceeds limit as provided u/s 44A of the Act. He has relied upon the orders of the authorities below. 5. I have considered the rival submissions as well as relevant material on record. There is no dispute that during the course of assessment proceedings the AO noted that the bank transactions including the deposit in the bank and outward transaction are more than ₹ 4 Crores. The assessee then filed revised computation of income and admitted the turnover of more than ₹ 4 Crores which shows that the assessee is not falling in the exclusion of provisions of mainta .....

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