9911796707
TMI Blog2017 (2) TMI 1405X X X X Extracts X X X X X X X X Extracts X X X X ..... ioner of Income Tax (Appeals) whereas second appeal is against levy of penalty u/s.271B of the Act which was also confirmed by the ld. Commissioner of Income Tax (Appeals). 3. Facts apropos in ITA No.3397/Mds/2016 are that assessee engaged in the business of granite blocks had filed return of income for the impugned assessment year disclosing income of A13,20,370/-. During the course of assessment proceedings, assessee produced books of accounts which were verified by the ld. Assessing Officer. As per ld. Assessing Officer assessee had withdrawn cash of A1,65,79,931/- through self cheques from his account in Punjab National Bank, Mylapore Branch. There were also cash withdrawal from two other bank accounts of the assessee which came A8,21, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he case of Attar Singh Gurmukh Singh vs. ITO, 191 ITR 667 and that of Hon'ble Delhi High Court in the case of Basu Distributor vs. ITO 292 ITR 29. Ld. Commissioner of Income Tax (Appeals) disposed of the appeal considering the submissions of the assessee and took a view that assessee's case did not fit in any of the clauses of Rule 6DD of the Income Tax Rules. Aaccording to him, judgment of Apex Court in the case of Attar Singh Gurmukh Singh (supra) was in favour of Revenue. Ld. Commissioner of Income Tax (Appeals) noted that Hon'ble Delhi High Court in the case of Basu Distributor (supra) had highlighted the onus placed on the assessee for substantiating its claim of exceptional circumstances, which would absolve it from application of Sec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessing Officer was incorrect and ld. Assessing Officer ought have compiled the instances of cash payments if any in excess of the limits, from the cash book maintained by the assessee. Thereafter he should have called for explanation of the assessee, in each case for which there was excess cash payment. In the facts and circumstances of the case, we are of the opinion that the issue requires a fresh look by the ld. Assessing Officer. We set aside the orders of the lower authorities and remit the question regarding disallowance if any, which is needed u/s.40A(3) of the Act back to the file of the ld. Assessing Officer for consideration afresh in accordance with law. 8. Now, we take appeal of the assessee in ITA No.3398/Mds/2016. 9. Ld. C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 11. We have considered the rival contentions and perused the orders of the authorities below. It is not disputed that assessee had filed Audit report u/s. 44AB of the Act alongwith return of income on 31.03.2013. The reason cited by the assessee for delay in conducting the audit was as under:- '' My accountant had suddenly resigned and left without notice during the month of August, 2012 (financial year 11-12/Asst. Year 12-13). I had to engage a new account and compile the all accounting data with enormous effort. Many files and accounting papers were in disarray and it took lots of time to prepare the accounts and file the returns for the assessment year 2012-13'' . Section 44AB of the Act is reproduced hereunder:- ''Every per ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uly signed and verified by such accountant and setting forth such particulars as may be prescribed : Provided that this section shall not apply to the person, who derives income of the nature referred to in section 44B or section 44BBA, on and from the 1st day of April, 1985, or, as the case may be, the date on which the relevant section came into force, whichever is later : Provided further that in a case where such person is required by or under any other law to get his accounts audited, it shall be sufficient compliance with the provisions of this section if such person gets the accounts of such business or profession audited under such law before the specified date and 4furnishes by that date the report of the audit as required unde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ''Notwithstanding anything contained in the provisions of clause (b) of sub-section (1) of section 271, section 271A, section 271AA, section 271B, section 271BA, section 271BB, section 271C, section 271CA, section 271D, section 271E, section 271F, section 271FA, section 271FB, section 271G, section 271H, section 271-I, clause (c) or clause (d) of subsection (1) or sub-section (2) of section 272A, sub-section (1) of section 272AA or section 272B or sub-section (1) or sub-section 1A) of section 272BB or sub-section (1) of section 272BBB or clause (b) of sub-section (1) or clause (b) or clause (c) of sub-section (2) of section 273, no penalty shall be imposable on the person or the assessee, as the case may be, for any failure referred to i ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
