TMI Blog2023 (2) TMI 1221X X X X Extracts X X X X X X X X Extracts X X X X ..... behalf of the Telecom company from various customers and deposited in the bank account and commission on such deposits is given by the Telecom company. The reasons cited by assessee prima facie found to be reasonable because the assessee was under bonafide belief that he was not liable to get the books of accounts audited as the commission income was below the threshold limit and this was the first year of the business venture taken up by the assessee and thus assessee s case is covered u/s 273B. Since the assessee has a reasonable cause for not getting the books of account audited, he should not be visited by penalty u/s 271B of the Act - Appeal of the assessee is allowed. - Shri Sanjay Garg, Hon ble Judicial Member Dr. Manish ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lar on the commission income on recharge coupons sold by the assessee. Income of Rs.4,21,640/- declared in the return filed for Assessment Year 2017-18 claiming TDS of Rs.30,896/-. The case selected for limited scrutiny through CASS for the reason of cash deposit during the year. During the course of assessment proceedings, the ld. Assessing Officer on going through the details of bank account held by the assessee with HDFC Bank observed that cash of Rs.1,48,19,170/- was deposited. So far as the issue under consideration regarding penalty levied u/s 271B of the Act is concerned, the ld. Assessing Officer noticed that the books of accounts have not been audited u/s 44AB of the Act. The ld. Assessing Officer took basis of cash deposited in th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 271FA,] [ section 271FAB,] [ section 271FB,] [ section 271G,]] [ section 271GA,] [ section 271GB,] [ section 271H,] [ section 271-I,] [ section 271J,] 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] [sub-section (1) [or subsection (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.] 8. The provisions of Section 273B of the Act, squarely applies an ..... X X X X Extracts X X X X X X X X Extracts X X X X
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