9911796707
TMI Blog2012 (10) TMI 852X X X X Extracts X X X X X X X X Extracts X X X X ..... rpose of sec. 44AB, turnover of all the businesses has to be considered but the provisions of sec. 271B will be pressed in operation in respect of the failure only and not in respect of accounts which have been audited. Setting aside the orders of the authorities giving directions to AO to delete the penalty levied in respect of M/s. Rex Engineering & Shares whose accounts were admittedly audit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... had not filed audit report in the case of M/s. Rex Overseas Corporation. The contention of the assessee remained that he did not get the account audited under sec. 44AB in the case of M/s. Rex Overseas Corporation since their sales were `Nil . He however got the account of M/s. Rex Engineering and Sales audited under sec. 44AB of the Act and audit report was filed in respect thereto since their ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was having sales at `Nil , there was no need to get its accounts audited under sec. 44AB of the Act. The learned DR on the other hand, tried to justify the orders of the authorities below. 4. Having gone through the decision of Delhi Bench of the Tribunal in the case of ACIT vs. Smt. Bharti Sharma (supra) we find that under almost similar facts the Tribunal has held that the assessee cannot be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at the failure was due to mistake and ignorance of the law. The AO levied penalty @ % of the total turnover of both the businesses. The learned CIT(A) held that the penalty could be imposed only with reference to the books of accounts of the business, which had not been audited and consequently upheld the penalty in respect of share trading business whose accounts had not been audited. The sa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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