TMI Blog2016 (5) TMI 1562X X X X Extracts X X X X X X X X Extracts X X X X ..... . Therefore, this contention of the assessee can be said to be a reasonable cause for noncompliance with the notices issued by the Assessing Officer. As assessee has filed the reply and raised the legal objection. The legal objection is tenable or not is not a question before me but in my opinion, the assessee has complied with the notices issued under subsection (1) of section 142 of the Act and moreover the assessee has also raised the legal objection that the assessee is not required to maintain the books of accounts as the assessee is not carrying on any profession or business. As assessee has a reasonable cause for not complying with the notices. Moreover, the Assessing Officer has also stated that proper compliance is not made but the assessee has complied with the notices. Therefore, as per section 273 of the Act, the assessee has a reasonable cause for non-compliance with the notices to the satisfaction of the Assessing Officer - Decided in favour of assessee. - ITA Nos. 154 to 165/Ind/2016, ITA Nos. 142 to 153/Ind/2016 - - - Dated:- 30-5-2016 - Shri D.T. Garasia, Hon ble Judicial Member For the Appellant : Shri Manoj Munshi For the Respondent : Shri R.A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and bank account No. of the introducer while opening the account, ( ) List of all beneficiaries of the accounts whether in past or present and (d) Name and address of the power of attorney holders, authorised signatories beneficiaries and other persons related to the account. 3. Please provide the bank account statement of your daughter Indu Maheswari in which amount was transferred from your Suisse bank Account. 4. In your statement recorded u/s 131, you had admitted that since 2009 you are saying at BG- 193, Scheme No.74C, Vijay Nagar, Indore. Prior to that you have been residing at 562, Ananadkunj Vikaspuri, New Delhi-110018 for more than 20 years. In this regard please state how these residential properties were acquired by your or your family members alongwith documentary evidence. 5. Please give the details of your foreign visits during FY 1996-97 to till date in tabular format. You are requested to describe in detail for each tour, your total stay at foreign at different places, expenses incurred and source of payment made. Also specify purpose of visits and furnish copy of your passports. 6. Please furnish NRE/NRO account statement of your daughter Indu Maheshw ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e the learned CIT(A) who dismissed the appeals of the assessee. Now, the assessee is in appeal before the Tribunal. 4. Before me, the learned counsel for the assessee raised a legal objection to the effect that the husband of the assessee Shiv Narayan Gupta has retired from Government service and his main source of income in those years was income from salary and after retirement from pension and interest. The learned counsel for the assessee submitted that the Assessing Officer wanted the assessee to produce the books of accounts for computing the total income but for maintenance of books of accounts by an individual or any person not having the income from profession as specified in sub-section (1) of section 44AA or carrying on business or profession having income not exceeding ₹ 1,20,000/- or turnover of gross receipts as the case may be, in business or profession exceeds ₹ 10,00,000/- in any of the three years immediately preceding the previous year, is not required to keep and maintain such books of accounts and other documents as may enable the Assessing Officer to compute the total income in accordance with the provisions of the Income Tax Act. The assessee i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t year 1996-97 to 2007-08 for 12 years. The assessee has raised the legal objection before me that as per section 44AA if any person is carrying business or profession having income not exceeding ₹ 1,20,000/- or turnover of gross receipts as the case may be, in business or profession exceeds ₹ 10,00,000/- in any of the three years immediately preceding the previous year is not required to keep and maintain such books of accounts and other documents as may enable the Assessing Officer to compute the total income in accordance with the provisions of the Income Tax Act. I find that the assessee is not carrying on the profession as specified u/s 44AA(1) of the Act nor he was carrying on any business or profession as provided under section 44AA(2) of the Act in any of the assessment years under consideration, therefore, the assessee was not required to maintain any books of accounts or other records to enable the Assessing Officer to compute the total income in accordance with the provisions of the IT Act. Moreover, I find that as per the Income Tax Act, if the assessee is required to maintain proper books of accounts and other documents as provided under rule 6(F) of the IT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... section 271BB, section 271C,section 271CA, section 271D, section 271E, section 271F, section 271FA, 86-87[section 271FAB,] section 271FB, section 271G, 86-87[section 271GA, 88[section 271GB,] section 271H, 89[section 271-I,] clause (c) or clause (d) of sub-section (1) or sub-section (2) of section 272A, sub-section (1) of section 272AA or section 272B or subsection (1) or sub-section (1A) of section 272BB or sub-section (1) of section 272BBB or clause (b) of sub-section (1) or clause (b) or clause (c) of sub-section (2) of section 273, no penalty shall be imposable on the person or the assessee, as the case may be, for any failure referred to in the said provisions if he proves that there was reasonable cause for the said failure. From the above section it is clear that no penalty can be imposed on the person or the assessee, as the case may be, for failure referred to in the above section if he proves that there was reasonable cause for such failure. Now in the instant case, the assessee has complied with all the notices and he has raised a legal objection that the assessee is not required to maintain books of accounts and if at all he is required to maintain the books of acc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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