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TMI Blog2024 (6) TMI 1210X X X X Extracts X X X X X X X X Extracts X X X X ..... on facts on confirming the actions of Learned AO in levy the penalty of Rs. 1,09,807/- u/s 271B of the income tax act, 1961. 2. That the Ld. CIT(A) has been erred in law as well as on facts on treated the deposited cash into current account and transaction with mother dairy fruit & vegetable private limited exceeding Rs. 1 crores formed part of sales consideration for getting compulsory requirement of tax audit u/s 44AB of the income tax act, 1961 by assessee for A.Y.2017-18. 3. That the Ld. CIT(A) has been erred to not consider about the facts of commission income fixed by mother dairy fruit & vegetable private limited on each and every supply of milk and dairy products by assessee while confirming of action of Ld. A.O in levy the p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nded that assessee is only a commission agent and earns only commission from selling products of Mother Dairy. However, ld. CIT (A) was not convinced that the assessee was not required to get his books of account audited for the year under consideration and next assessment year assessee has got his accounts audited. The order of ld. CIT (A) in this regard may gainfully read as under:- " The issue was considered. The penalty order, written submission and relevant provisions of the Act were carefully perused. From the submission of the appellant, it is clear that the appellant is claiming only commission income of RS. 3,24,558/- derived from the sale of dairy products on behalf of the M/s Mother dairy fruit & vegetable private limited. It i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... contended that assessee was only earning commission on sales from Mother Dairy products and assessee's income was only Rs. 3,24,558/-. He further submitted that from the next year, Mother Dairy made it mandatory for its agents like the assessee to maintain books of account, records and sales on their own. He submitted that this cannot be a reason to levy penalty u/s 271B of the Act. He submitted that assessee was under a bonafide belief that upto this financial year, sales belonged to Mother Dairy and sales & turnover was not of assessee and assessee's income was only commission income. 7. Ld. DR for the Revenue, on the other hand, relied upon the orders of the authorities below. 8. Upon careful consideration, we find that assessee has m ..... X X X X Extracts X X X X X X X X Extracts X X X X
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