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TMI Blog2013 (11) TMI 1670X X X X Extracts X X X X X X X X Extracts X X X X ..... int of time was prevented by reasonable cause for not getting its accounts audited as per provisions of section 44AB. He was under the bonafide belief at relevant point of time that his income has not exceeded the prescribed limit as per provisions of section 44AB of I.T Act. In view of facts and circumstances of the case, we are of the view that assessee was prevented or reasonable cause in not getting accounts audited before prescribed date as per provisions of section 44AB. Accordingly, Assessing Officer is directed to delete the penalty imposed u/s. 271B of I.T Act. - ITA Nos. 918 & 919/PN/2013 - - - Dated:- 27-11-2013 - SHRI SHAILENDRA KUMAR YADAV, JUDICIAL MEMBER, AND SHRI G.S. PANNU, ACCOUNTANT MEMBER Appellant by : Shri P ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ry any of the grounds of appeal before or at the time of hearing. 2. Brief facts of the case are that the assessee is a firm delaing in sale / purchase of landed property. The assessee filed its original return of income for A.Y. 2006-07 at loss of ₹ 35,765/- on 30.03.2007. A survey u/s. 133A of I.T Act was carried out at the premises of the assessee firm on 10-11/01/2008. Due to survey operation, the assessee firm declared an additional income of ₹ 2,09,57,320/- and after revising the return of income, the assessment in this case was completed at an income of ₹ 1,81,99,570/-. It was found during the survey that the books of accounts of the firm were incomplete on the date of survey for the period relevant to A.Y. 2006 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he stand of the assessee, he found that the assessee did not get its books of accounts audited through turnover of the assessee above 40 lakhs above during the survey and the assessee was aware of the fact that it was its duty to get the accounts audited as per the provisions of section 44AB. So, he violated the provisions of section 44AB and liable for penalty u/s.271B. 2.3 Matter was carried before first appellate authority, who confirmed the order of CIT(A) and same has been opposed before us. None have appeared on behalf of assessee. However, learned Departmental Representative supported the order of the authorities below. So matter is being decided exparte on the basis of argument of learned Departmental Representative and material ..... X X X X Extracts X X X X X X X X Extracts X X X X
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