2003 (8) TMI 464

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..... l by assessee against confirming penalty of Rs. 20,067 levied by the Assessing Officer under section 271-B relating to assessment year 1998-99. 2. The turnover of the assessee was exceeding Rs. 40 lakhs. Therefore, the assessee was required to get his accounts audited as per provisions of section 44AB. However, he failed to get his accounts audited. In reply to show-cause notice of the Assessi .....

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..... Sugar Mills Co. Ltd. v. State of Uttar Pradesh [1979] 118 ITR 326, the Hon ble Supreme Court at page 330 has observed that there is no presumption that every person knows the law. It is often said that every one is presumed to know the law but that is not a correct statement. There is no such maxim known to the law. 4. Undisputedly the year in question before us, is the first year of the b .....

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