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TMI Blog2018 (8) TMI 1370X X X X Extracts X X X X X X X X Extracts X X X X ..... Section 271B of the Act for failure to get books of accounts audited, is unacceptable. Appellant-assessee, in making this submission, contradicts his earlier version that the books of accounts had been misplaced. Even otherwise, failure to maintain the books of accounts was a lapse and a failure to comply with statutory provisions. - Levy of penalty confirmed - Decided against the assessee. - ITA 847/2018 - - - Dated:- 10-8-2018 - MR. SANJIV KHANNA AND MR. CHANDER SHEKHAR JJ. Appellant Through: Mr. K.R. Manjani, Advocate Respondent Through: Mr. Ashok Manchanda, Senior Standing Counsel O R D E R The appellant, Brij Gopal Chauhan, impugns order dated 22.05.2018 passed by the Income Tax Appellate Tribunal (Tribunal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as on the appellant-assessee to show that the actual sales were below ₹ 40,00,000/-, to prove and establish that provisions of Section 44AB of the Act were not attracted. The CIT(Appeals) upheld the penalty order under Section 271B of the Act, rejecting the plea that the actual sales in the year were ₹ 35,39,740/-. 9. Tribunal, vide order dated 22.05.2018 upholding the penalty order has observed as under:- 6. We have considered the submissions of the Learned Counsel for the Assessee and perused the material on record. The assessee filed return of income showing the gross receipts/turnover of ₹ 9.50 crores. Substantial loans and capital have also been shown. Shri Sundeep Kumar, C.A. attended the proceedings before A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stage. The AO also correctly noted that no tax audit in terms of Section 44AB was carried out and whatever documents have been produced before A.O. were not genuine documents. The authorities below, therefore, correctly noted that provisions of Section 271B are clearly attracted in this case. Learned Counsel for the Assessee admitted that assessee obtained loan of ₹ 2 crores from the Bank during assessment year under appeal on the basis of the documents prepared by the same Chartered Accountant. Whenever any benefit is to be obtained, assessee owned acts of his Chartered Accountant, however, when some liability is put upon assessee, assessee denies the role of his Chartered Accountant. Such explanation of assessee cannot be accepted. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ans and capital had been introduced. However, the appellant-assessee contends that these figures were incorrect and wrong and false declaration on oath were made in the income tax return on advice given by a Chartered Accountant. This was contradicted and controverted by the Chartered Accountant in his statement, who had stated that he had not examined books of accounts. Reasoning given by the Tribunal is plausible and cogent, and is not required to be repeated. The facts reveal blatant and brazen defiance of law and Section 44AB of the Act. The contention of the appellant-assessee that he had not maintained books of accounts etc. and, therefore, penalty under Section 271B of the Act for failure to get books of accounts audited, is unaccept ..... X X X X Extracts X X X X X X X X Extracts X X X X
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