2019 (3) TMI 911

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..... A.Y 2013-14 against the order of the CIT (A)-7, Hyderabad, dated 28.11.2017 confirming the penalty levied by the AO u/s 271A of the Act. 2. The AO initiated the penalty u/s 271A since in the assessment order u/s 143(3) of the Act, the gross receipts had been arrived at Rs. 1,72,87,696/- and since it exceeded Rs. 1.00 crore, the assessee was required to maintain the books u/s 44AB of the Act and t .....

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..... erefore, he prayed for deletion of the penalty u/s 271A of the Act. 4. The learned DR, however, supported the orders of the authorities below. 5. Having regards to the facts of the case, I find that according to the assessee his gross receipts were less than Rs. 1.00 crore and therefore, he need not have maintained the books of account. The gross receipts have exceeded Rs. 1.00 crore only becaus .....

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