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2019 (5) TMI 1055

ly - HELD THAT:- The assessee has concealed the particulars of income because the assessee did not file return of income and also did not file the details as called for by the Assessing officer. Accordingly, concur with the findings of the lower authorities and confirm the levy of penalty and dismiss the ground of appeal of the assessee. Penalty u/s 271A - non-maintenance of books of account in violation of section 44AA - reasonable cause - HELD THAT:- Assessee has shown a reasonable cause that due to disturbance among the partners, the books of account were not maintained. Hence, in view of provisions of section 273B of the Act, no penalty shall be imposable and allow the ground of appeal of the assessee. Consequently, the appeal of the as .....

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F of the Act for the assessment year 2013- 14. ITA No.125/CTK/2019: 2. The grievance in this appeal is that the CIT(A) is not justified in confirming the penalty of ₹ 2,19,415/- imposed u/s.271(1)(c) of the Act. 3. The facts of the case are that on verification of the bank account, the Assessing Officer noted that there are credits of ₹ 73,13,808/- in the bank account of the assessee, which includes cash deposits of ₹ 19,17,000/- As there was no compliance during the assessment proceedings, the Assessing Officer computed income of the assessee at ₹ 14,62,762/- being @ 20% of the gross turnover of ₹ 73,13,808/-. On appeal, the CIT(A) reduced the computation of income to 10% being ₹ 7,31,880/- as against 20 .....

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nfirming the penalty of ₹ 25,000/- levied u/s.271A of the Act for non-maintenance of books of account. 9. Ld A.R. of the assessee submitted that due to serious dispute between the partners, the assessee could not maintain the books of account. 10. I have heard the rival submissions and perused the materials available on record of the Tribunal. The undisputed facts of the case are that the Assessing Officer observed that the assessee failed to keep and maintain books of account as per provisions of section 44AA of the Income tax Act, 1961 and, therefore, he levied penalty of R.25,000/- u/s.271A of the Act for non-maintenance of books of account in violation of section 44AA of the Act, which was confirmed in first appeal. 11. Section 27 .....

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of provisions of section 373B of the Act, no penalty shall be imposable and allow the ground of appeal of the assessee. Consequently, the appeal of the assessee is allowed. ITA No.127/CTK/2019 13. In this appeal, the assessee agitated the confirmation of penalty of ₹ 5000/- levied u/s.271F of the Act. 14. I have the rival submissions and perused the record of the case. 15. The Assessing Officer has levied penalty u/s.271F of the Act on the ground that the assessee has failed to furnish return of income on or before 31.3.2014 without a reasonable cause. I find that Section 271F of the Act provides that If a person who is required to furnish a return of his income, as required under subsection (1) of section 139 or by the provisions to .....

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