2019 (9) TMI 725

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..... hat the gross receipts of 64,16,667/- and 67,51,712/- for the assessment years 2010-11 2011-12 and the assessee did not audit his books of account during the relevant financial period. We are unable to see any safeguard in the said provisions in a situation when the assessee has shown entire income/receipts without claiming any expenditure or deduction. Therefore, the contention of the assessee is devoid of any merits and same is dismissed. - Decided against assessee.
Shri Chandra Mohan Garg, Judicial Member And Laxmi Prasad Sahu, Accountant Member For the Assessee : Shri Sunil Mishra, AR For the Revenue : Shri S.M.Keshkamat, CIT, DR ORDER PER C.M.GARG,JM These are appeals filed by the assessee against the separate orders of the CIT .....

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..... the assessment years 2010-11 & 2011-12. 4. On appeal, the CIT(A) confirmed the penalty levied by the Assessing Officer. 5. Ld A.R submitted that the levy of penalty under section 271B is not tenable in the eyes of law because the assessee has disclosed the entire receipt as per Form 26AS as income without incurring any expenditure. He submitted that the Assessing Officer has duly accepted the income as per books of account maintained by the assessee. Ld A.R. has submitted that the entire amount has been offered to tax, therefore, the assessee was under bonafide belief that there is no requirement of audit of accounts. Therefore, the immunity should be granted to the assessee from levy of penalty u/s.271B of the Act. 6. On the other hand .....

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..... ains from the 52[profession] are deemed to be the profits and gains of such person under section 44ADA and he has claimed such income to be lower than the profits and gains so deemed to be the profits and gains of his profession and his income exceeds the maximum amount which is not chargeable to income-tax in any previous year; or (e) carrying on the business shall, if the provisions of sub-section (4) of section 44AD are applicable in his case and his income exceeds the maximum amount which is not chargeable to income-tax in any previous year, get his accounts of such previous year audited by an accountant before the specified date and furnish by that date the report of such audit in the prescribed form duly signed and verified by s .....

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