TMI Blog2023 (3) TMI 1036X X X X Extracts X X X X X X X X Extracts X X X X ..... tant Member For the Assessee : Shri Ravishankar S.V., Advocate For the Revenue : Shri Gudimella VP Pavan Kumar, JCIT ORDER Per: George George K., J.M. This appeal at the instance of the assessee is directed against the order of the CIT(A) dated 03.11.2022 passed under Section 250 of the Income Tax Act, 1961 (the Act). The relevant assessment year is 2013-14. 2. The assessee has raised several grounds and also additional grounds. However, the solitary issue that was argued by the learned A.R. was whether the CIT(A) is justified in confirming the penalty of Rs.25,000/- imposed under Section 271A of the Act. 3. The brief facts of the case are as follows: - The assessee is an individual. For AY 2013-14 assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... notice served on her u/s 148. Since the assessee is earning income from business and profession but not maintained book. The penalty proceeding has been also initiated u/s 271A for non-maintenance of books. In view of the above, these grounds of appeal are, accordingly, dismissed and the penalty u/s 271A of IT Act 1961 made by the Ld. AO on this account is, hereby, confirmed. Since the Appellant has not adduced any additional ground(s) and since no ground of appeal has been altered/modified/changed, this ground of appeal is dismissed as not pressed . 5. Aggrieved, assessee filed the present appeal before the Tribunal. The assessee has filed a paper book comprising of 34 pages enclosing therein acknowledgement dated 08.10 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the orders of the AO and the CIT(A). 7. We have heard the rival contentions and perused the material on record. As per Section 44AA of the Act, the books of accounts has to be mandatorily maintained in the following circumstances: (a) with respect to specified professions, if the income from the profession exceeds Rs.1,20,000/- or likely to exceed if the profession is newly set up; (b) in respect of business if the profit and gains from business exceeds Rs.1,20,000/- or the total sale or gross receipt is more than Rs.10,00,000/- in any of the three years preceding the previous year. The assessee during the relevant assessment year had income from capital gains and other sources. The Revenue does not have a case that total receipts (from ..... X X X X Extracts X X X X X X X X Extracts X X X X
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