1996 (11) TMI 104

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..... rned counsel for the assessee submitted that the assessee has qualified only upto middle class and was not conversant with the work of writing of books of accounts. He could not engage any accountant in spite of all efforts. The assessee has, however, kept the details of bank account, various investments made by him, his drawings, payment of taxes, contract receipts, credits outstanding on the bas .....

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..... ely. The assessee also enclosed with the returns of income a statement of affairs giving the details of assets and liabilities as at the beginning of the year as well as on the close of the year. The declared income was estimated by taking into consideration the net increase in assets along with the tradings made by the assessee-firm and the household expenses. The details so furnished by the asse .....

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..... he Board has not prescribed the necessary rules relating to maintenance of accounts by the persons carrying on business, and as the assessee has furnished adequate information, so as to enable the ITO to compute his total income in accordance with the provisions of this Act, the penalty levied under s. 271A cannot be sustained on the facts and circumstances of the present case. I, therefore, cance .....

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