TMI Blog2018 (3) TMI 234X X X X Extracts X X X X X X X X Extracts X X X X ..... is exigible - Held that:- AR drew our attention to the computation of the total income wherein the assessee had offered income from commodity trading only under the head income from other sources. AO had also specifically stated in the body of the assessment order vide column no. 10 that the assessee is having only salary income and income from other sources. Due to the absence of the assessee at ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2017, M.A. No. 220 of 2017 (a/o I.T.A No. 1471/Kol/2015), (a/o I.T.A No. 1475/Kol/2015), (a/o I.T.A No. 1476/Kol/2015) - - - Dated:- 12-1-2018 - Shri M.Balaganesh, AM And Shri S.S.Viswanethra Ravi, JM For the Appellant : Shri M.D. Shah For the Respondent : Shri Arindam Bhattacharjee, Addl. CIT ORDER M.Balaganesh, AM By virtue of these miscellaneous applications, the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ore mandated to maintain books of accounts in terms of section 44AA of the Act and thereby inferring that the assessee had reported the profit from commodities trading business under the head income from business or profession . Based on this crucial finding, the Tribunal had concluded that since the transaction of commodities trading had not been entered by the assessee in his books of accounts ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dated 10.11.2017 that the assessee is mandated to maintain books of accounts u/s 44AA of the Act is factually incorrect and deserves to be rectified. This mistake of primary fact had lead to a conclusion of upholding the levy of penalty u/s 271AAB of the Act. Hence, in these facts and circumstances and in view of the aforesaid mistake of primary fact rightly pointed out by the ld. AR , we deem it ..... X X X X Extracts X X X X X X X X Extracts X X X X
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