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TMI Blog2019 (3) TMI 1464X X X X Extracts X X X X X X X X Extracts X X X X ..... ICIAL MEMBER This appeal filed by the assessee against the order dated 31.01.2018 passed by CIT(A)-14, Kolkata u/s 143(3) of the Income Tax Act, 1961 (in short "Act") for AY 2013-14. 2. The only issue is to be decided as to whether the CIT(A) as justified in confirming the penalty imposed by the AO u/s 271B of the Act. 3. The brief facts of the case are that the assessee is an individual and en ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... own a sale under the head for the trading in P&L account of Rs. 10,75,76,516/-. According to AO, the assessee is required to get his books of accounts audited for the reason as his total sales exceeded Rs. 1 crore which is a monetary limit as provided u/s 44AB of the Act. Before us, Ld.AR contended that when there are no books and getting the same audits does not arise. He argued that no penalty ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... maintained by the assessee and penalty u/s 271B of the Act is to be imposed when any person fails to get his accounts audited. Admittedly there is no dispute that no books were maintained by the assessee and as rightly argued by the Ld.AR getting the same audited does not arise at all. Therefore, we find force in the arguments of Ld.AR and taking the support from the decision of Hon'ble High Cou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ve perused the records. Undisputedly, the assessee is not maintaining books of account. Commissioner (Appeals) verified this fact with reference to sales tax records also. When there are no books of account, the question of their audit does notarise. If there is any fault in the matter, the said fault can be examined with reference to non-maintenance of Books of Account. There are certainly no def ..... X X X X Extracts X X X X X X X X Extracts X X X X
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