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TMI Blog2013 (10) TMI 649X X X X Extracts X X X X X X X X Extracts X X X X ..... shown by the assessee in both the assessment years, we proceed to decide both the appeals by passing a consolidated order. 3) For the sake of disposal, we are narrating the facts as narrated by the Revenue in I.T.A. No. 412(Asr)/2013 for the assessment year 2006-07, as under: i. The assessee filed its return of income on 31.01.2007, declaring loss of Rs. 32,65,590/-. The assessee deals in purchase of land and development thereof into residential and commercial plots and buildings. During the year under consideration, the assessee showed total receipts of Rs. 12,21,97,171/-. During the course of assessment proceedings, the Assessing Officer noticed that there were another receipts of Rs. 7,39,80,248/- as per para 6 of the assessment order ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 12AA also does not make a person or entity exempt from getting its accounts audited if its gross taxable receipts exceed the limit as prescribed under Section 44AB of the Act. The Assessing Officer is of the view that there is omission on the part of the assessee to get its accounts audited in contravention of the provisions of Section 44AB and, as such, the assessee has committed a default for which penalty under Section 271B of the Act is imposable and he imposed the penalty of Rs. 1 lakh under Section 271B of the Act vide his order dated 31.03.2011. 4) Aggrieved by the order dated 31.03.2011, the assessee filed an appeal before the learned First Appellate Authority, who vide impugned order dated 19.03.2013, dismissed the appeal of the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 007, declaring loss of Rs. 32,65,590/-. During the assessment proceedings, the Assessing Officer noticed that the assessee had shown receipts of Rs. 12,21,97,171/- besides the receipts of Rs. 7,39,80,248/-.Thus, the total receipts of the assessee during the year under considering worked out at Rs. 19,61,77,419/-. As a turnover in the case exceeded Rs. 40 lacs, the assessee was required to get its accounts audited as per the provisions of Section 44AB of the Act. Since the assessee failed to comply with the said provisions, proceedings for imposing of penalty under Section 271B of the Act was initiated. The explanation of the assessee to the show cause notice is that the assessee was a statutory body and it was also allowed registration unde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... see exceeded to Rs. 40 lakhs as per the provisions of Section 44AB of the Act. We are of the view that no interference is called for in the well reasoned order passed by the learned First Appellate Authority. Accordingly, we dismiss the appeal filed by the assessee i.e. I.T.A. No. 412(Asr)/2013 and uphold the order passed by learned First Appellant Authority. 10) Since the facts in I.T.A. No. 413(Asr)/2013 for assessment year 2005-06 are identical with the facts narrated in I.T.A. No. 412(Asr)/2013, except different amounts of receipts shown by the assessee in both the assessment years, and we have dismissed the appeal i.e. I.T.A. No. 412(Asr)/2013, the same result is applicable in I.T.A. No. 413(Asr)/2013. Accordingly, both the appeals i. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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