9911796707
TMI Blog2023 (9) TMI 689X X X X Extracts X X X X X X X X Extracts X X X X ..... ted 13/12/2022 arising out of the penalty order passed U/s. 270A of the Income Tax Act, 1961 [the Act] in DIN No. ITBA/PNL/F/270A/2021- 22/1035485882(1), dated 11/09/2021. ITA No. 31/Viz/2023 is filed against the order of the Ld. CIT(A)-NFAC in DIN & Order No. ITBA/NFAC/S/250/2022-23/1047961930(1), dated 13/12/2022 arising out of the penalty order in DIN No ITBA/PNL/F/271B/2021-22/1035485876(1) passed U/s. 271B of the Act, dated 11/09/2021. Since the both the appeals are pertaining to one assessee and the issues involved in these appeals are inter-connected, for the sake of reference, they are clubbed, heard together and disposed off in this consolidated order. Appeal wise adjudication is given in the following paragraphs. ITA No. 30/Viz/2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs. 4,13,353/- as underreported as per the provisions of section 270A(10) of the Act and levied a penalty of Rs. 200% on the tax amounting to Rs. 2,55,452/-. Aggrieved by the order of the Ld. AO levying the penalty, the assessee filed an appeal before the Ld. CIT(A)-NFAC. On appeal, the Ld. CIT(A)-NFAC considering the submissions of the assessee, confirmed the order of the Ld.AO and dismissed the appeal of the assessee. Aggrieved by the order of the Ld. CIT(A)- NFAC, the assessee is in further appeal before us. 3. In its appeal, the assessee has raised three grounds of appeal however, the only issue raised in this appeal is with respect to levy of penalty of Rs. 2,55,452/- U/s. 270A of the Act. 4. Before us, at the outset, the Ld. AR arg ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hases and sales returns were duly accounted for in the books of accounts and produced before the Ld. AO. Section 270A of the Act empowers the Ld. AO to levy penalty in addition to tax on the underreported income. Section 270A(7) specifies the quantum of penalty @ 50% of the amount of tax payable on the underreported income. From the facts produced before us, we find that the assessee has erroneously failed to include the purchases and sales returns while filing the monthly VAT returns. Further, we find that the assessee has produced copies of bills for purchases and the sales returns before the Ld. AO which cannot be considered as underreported arising out of the misrepresentation or suppression of facts. In these circumstances, we find it ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee has not submitted any explanation but uploaded the audit report dated 30/10/2017 through e-proceedings module. The Ld. AO on verification of the e-filing portal found that the assessee has not filed tax audit report U/s. 44AB of the Act for the AY 2017-18 till the date of assessment order. Therefore, the Ld. AO considered the filing of audit report through e-proceedings is an afterthought and hence initiated the penalty proceedings U/s. 271B of the Act for non-submission of the audit report and levied penalty of Rs. 1,50,000/- being one half percent of the total gross turnover of Rs. 11,48,54,810/-. Aggrieved by the order of the Ld. AO, the assessee filed an appeal before the Ld. CIT(A)-NFAC. Considering the submissions of the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... afide mistake made by the assessee while uploading the tax audit report and pleaded that the penalty may please be deleted. Per contra, the Ld. DR relied on the orders of the Ld. Revenue Authorities and fully supported the same. 10. We have considered the rival submissions and perused the material available on record. Admittedly, the Revenue has not disputed the date of audit report prepared by the assessee for the AY 2017-18. Further, we also find from the paper book filed before us wherein the assessee has submitted the audit report prepared for the earlier AY ie AY 2016-17 dated 17/10/2016. In paper book page 14, the assessee has also submitted the screen shot of the Form 3CB and Form 3CD filed by the assessee wherein it can be found t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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