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TMI Blog2008 (2) TMI 356X X X X Extracts X X X X X X X X Extracts X X X X ..... get its accounts audited from the chartered accountant or from the inspector of co-operative societies because the sales turnover of the assessee were less than Rs. 40 lakhs – hence penalty was rightly cancelled by ITAT - 427 of 2007 - - - Dated:- 22-2-2008 - SATISH KUMAR MITTAL and RAKESH KUMAR GARG JJ. Yogesh Putney for the appellant. JUDGMENT The judgment of the court was delive ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... alty order and further ignoring the fact that there was no reasonable cause for the assessee for not furnishing the audit report by a chartered accountant with the specified period in view of the facts that the assessee was engaged in business activity and the gross turnover of the assessee which included the total sales and the interest income on account of business activity of the assessee excee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ich were not audited. 3. During the course of assessment proceedings, it was noticed that the gross turnover of the assessee exceeded Rs. 40 lakhs, therefore, the assessee was required to get its accounts audited by a chartered accountant before the stipulated date, i.e., October 31, 2004, and furnished by that date the report of such audit in the prescribed form duly signed and verified as re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat the penalty be not imposed on it. The Assessing Officer did not accept the contention of the assessee and imposed the penalty of Rs. 21,756. 5. Feeling aggrieved against the said order, the assessee filed an appeal before the Commissioner of Income-tax (Appeals) which was dismissed on March 14, 2006, while holding that the Assessing Officer was justified in imposing the penalty under secti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... under a bona fide belief did not get its accounts audited from the chartered accountant or from the inspector of co-operative societies because the sales turnover of the assessee were less than Rs. 40 lakhs. Since a pure finding of fact has been recorded, which does not require any interference, therefore, in our opinion, no substantial question of law is arising from the impugned order passed by ..... X X X X Extracts X X X X X X X X Extracts X X X X
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