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TMI Blog2019 (5) TMI 23X X X X Extracts X X X X X X X X Extracts X X X X ..... find that assessee itself did not possess any professional degree and rather it was engaged in commercial activities. There is difference between business and profession. For carrying on a profession, possession of some professional qualification is must. From the qualification we mean that there must be some special training of particular skill which involve high level education. The company i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee. - ITA No.770/Lkw/2016 - - - Dated:- 26-4-2019 - Shri A. D. Jain, Vice President And Shri T. S. Kapoor, Accountant Member For the Appellant : Shri Ashish Raj Shukla, Advocate For the Respondent : Shri C. K. Singh, D.R. ORDER PER T. S. KAPOOR, A.M. This is an appeal filed by the asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing that the total receipts declared by the assessee exceeded the minimum amount which required the accounts to be audited u/s 44AB(a) of the Act. Learned A. R. in this respect submitted that assessee itself was not engaged in professional activities and rather it was running a business in the form of a private limited company therefore, the provisions of section 44AB(b) of the Act were applicable ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ,940/-. The authorities below have held that this was the professional activity of the assessee and therefore, the assessee was liable to penalty for not getting its accounts audited as the turnover exceeded the limit mentioned in section 44AB(a) of the Act. However, we find that assessee itself did not possess any professional degree and rather it was engaged in commercial activi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... limit for the year under consideration was ₹ 60 lacs and the turnover of the assessee was ₹ 54,45,940/- therefore, the assessee was not liable to get its accounts audited and therefore, the penalty imposed and sustained by learned CIT(A) u/s 271B is not justified and hence it is deleted. 6. In the result, the appeal of the assessee stands allowed. (Ord ..... X X X X Extracts X X X X X X X X Extracts X X X X
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