TMI Blog2019 (1) TMI 1333X X X X Extracts X X X X X X X X Extracts X X X X ..... icer in the penalty order under section 271B has mentioned that the assessee did not maintain the books of accounts, this fact requires verification and moreover the Assessee stated at Bar that the issue relating to the maintenance of books of account is pending before the CIT(A), we therefore, by considering the totality of the facts deem it appropriate to remand these cases to the file of Ld. CI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Section 271B of the Income Tax Act, 1961 (hereinafter referred to as Act ). 4. During the course of hearing the Ld. Counsel for the assessee at the very outset stated that penalty under section 271B of the Act was levied by the Assessing Officer for the reasons that the assessee did not get its account audited. It was further submitted that this issue as to whether the assessee maintained the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e turnover was more than ₹ 40.00Lacs, therefore the penalty under section 271B of the Act was rightly levied by the Assessing Officer and the Ld. CIT(A) was fully justified in confirm the same. 6. We have considered the rival submissions of both the parties and carefully gone through the material available on record, in the present case the contention of the Ld. Counsel of the Assessee th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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