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TMI Blog2009 (3) TMI 186X X X X Extracts X X X X X X X X Extracts X X X X ..... 31.07.2000, when the appeal was admitted, following substantial question of law was formulated: "Is the Appellate Tribunal right in law and on facts in cancelling the penalty levied under Section 271B amounting to Rs.72,451/- on the ground that it is not the gross amount of advances made during the year which constituted turnover but the gross interest received which constitute the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1.1992 contending that provisions of Section 44AB of the Act are not applicable in its case because the Gross Receipts did not exceed the sum of Rs.40 lacs. The said contention was not accepted by the Assessing Officer and penalty of Rs.72,451/- was levied under the provisions of Section 271B of the Act. 3. The assessee challenged the said order and in support of the Appeal, placed reliance on Ta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ot be considered and the term 'Gross Receipts' had to be considered for determining the applicability or otherwise of provisions of Section 44AB of the Act. The appeal was accordingly allowed and the penalty was cancelled. 4. The Tribunal has confirmed the order made by Commissioner (Appeals) and dismissed the Departmental Appeal. It is this order of Tribunal, which is under challenge in the pres ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r, Turnover would constitute the basis for invoking the said provision or Gross Receipts would constitute the basis for applying the said provision, the appeal is decided on the ground as to whether the assessee had a bonafide belief which constituted reasonable cause in the facts and circumstances of the case. Under the provisions of Section 273B of the Act, legislature has provided that notwit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ved in this context. Accordingly, the assessee was entitled to contend that when the terms Turnover and Gross Receipts are separated by the use of word or, the assessee would be entitled to bonafidely believe that Gross Receipts would constitute the basis for ascertaining the limit of Rs.40 lacs so as to attract Section 44AB of the Act. 9. The concurrent orders made by the Commissioner (Appeals ..... X X X X Extracts X X X X X X X X Extracts X X X X
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