TMI Blog1996 (8) TMI 102X X X X Extracts X X X X X X X X Extracts X X X X ..... (1) of the Income-tax Act, 1961 (for short, the Act ), for opinion of this court : Whether, on the facts and in the circumstances of the case, the Tribunal was right in upholding the levy of penalty on the assessee under section 271B of the Income-tax Act, 1961 ? The facts for answering the question may be stated as follows : The Income-tax Officer after completion of the assessmen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d only one question as stated above. Heard Mr. R. K. Joshi, learned counsel appearing for the assessee, and Dr. A. K. Saraf, learned special counsel appearing on behalf of the respondent/ Income-tax Department. Mr. R. K. Joshi submits that it is an admitted fact that the assessee did not maintain any books of account and, therefore, the question of the books of account being audited as per t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e to an end. He is required to do something more, i.e., by getting the books of account audited by an accountant. But when a person commits an offence by not maintaining the books of account as contemplated by section 44AA the offence is complete. After that there can be no possibility of any offence as contemplated by section 44AB and, therefore, in our opinion, the imposition of penalty under se ..... X X X X Extracts X X X X X X X X Extracts X X X X
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