TMI Blog2015 (12) TMI 1820X X X X Extracts X X X X X X X X Extracts X X X X ..... onable cause and therefore, penalty was not imposable. - Decided in favour of assessee. - I.T.A No. 526(Asr)/2014 - - - Dated:- 3-12-2015 - SH. A.D. JAIN, HON BLE JUDICIAL MEMBER AND SH. T.S. KAPOOR, HON BLE ACCOUNTANT MEMBER For the Appellant : Sh. P.N.Arora (Adv.) For the Respondent : Sh. R.K.Sharda (DR.) ORDER PER T.S. KAPOOR (A.M): This is an appeal filed by the assessee against the order of learned CIT(A), Jammu, dated 22.07.2014 for Asst. Year. 2009-10. The assessee has taken five grounds of appeal, however, the crux of grounds of appeal is the action of learned CIT(A) by which he had confirmed the penalty imposed by Assessing Officer u/s 271B of the Act. 2. At t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The learned DR, however, heavily relied upon the order of authorities below. 4. We have heard the rival parties and have gone through the material placed on record. We find that the learned CIT(A) has dismissed the appeal of assessee by holding as under: 4. I have considered the findings of the AO in the penalty order and submission of the appellant before me. The appellant s argument is that the entire books of account alongwith ancillary vouchers were impounded in survey operation u/s 133A in the month of June 2009 and therefore, he failed to get the accounts audited before 30/09/2009 under the provision of section 44AB. The appellant argued that the photocopies of the impounded material were provided only ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ol of assessee. We further find that the penalty for violation of section 44AB is not mandatory. The Hon ble Punjab Haryana High Court in the case of CIT vs. S. S. Banga 279 ITS 107 (P H) has observed as under: In IT Ref. No.61 of 1995, CIT vs. Ashoka Dairy, decided on 7th Jan.2005 [reported at (2006) 200 CTR (P H) 211-Ed.], a Division Bench of this Court, of which one of us (G.S. Singhvi, J.) was a member, interpreted ss. 44AB and 2711B of the Act and observed: A reading of s. 44A reproduced above shows that it imposes a duty on every person carrying on business and/or profession to get his accounts audited by an accountant before the specified date and furnish the report of such audit in the prescribed form. Se.271 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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