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TMI Blog2017 (6) TMI 1042X X X X Extracts X X X X X X X X Extracts X X X X ..... se no penalty U/s 271A for not maintaining the books of account were levied. Thus, the case law relied by the ld CIT(A) is distinguishable on the facts itself. Therefore, the reliance of the ld. CIT(A) for sustaining the penalty is not justified. - Decided in favour of asessee. - ITA No. 1001/JP/2016 - - - Dated:- 24-4-2017 - Shri Bhagchand, Accountant Member Assessee by : Shri Anil Sharma ( CA ) Revenue by : Smt. Poonam Rai ( DCIT ) ORDER Per: Bhagchand, A.M. This is an appeal filed by the assessee emanates from the order of the ld. CIT(A)-I, Jaipur dated 11/08/2016 for the A.Y. 2011-12. The only issue involved in this appeal is against confirming the penalty of ₹ 1,00,000/- levied U/s 271B of the Income Tax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... U/s 271B was held erroneous. The ld AR relied on the decision of Hon ble Allahabad High Court in the case of CIT Vs. Bisauli Tractors (2008) 299 ITR 219 wherein similar view has been affirmed. The ld AR relied on the decision of Hon ble Pune Bench of ITAT in the case of Ram Prakash C. Puri Vs. ACIT 77 ITD 210 wherein by following the decision of Hon ble Gauhati High court in the case Surajmal Parasram Todi Vs. CIT (supra), the penalty levied U/s 271B was deleted. The ld AR distinguished the case law relied upon by the ld. CIT(A) in the case of S.J. Agarwal Co. Vs. ITO (2008) 114 ITD 27 (Pune). 3. On the other hand, the ld DR has relied on the orders of the authorities below. 4. I have heard both the sides on this issue. The Assessi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act, 1961, imposes a duty on the assessee to maintain books of account and on failure to do so the assessee shall be liable to be penalised under section 271A of the Act. Even after maintenance of books of account the obligation of the assessee does not come to an end. He is required to do something more, i.e., by getting the books of account audited by an accountant. But when a person commits the offence of not maintaining the books of account as contemplated by section 44AA the offence is complete. After that there can be no possibility of any offence as contemplated by section 44AB and, therefore, penalty cannot be imposed under section 271B of the Act. Similarly in the case of CIT Vs. Bisauli Tractors (supra), the Hon ble Allahab ..... X X X X Extracts X X X X X X X X Extracts X X X X
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