9911796707
TMI Blog2023 (6) TMI 111X X X X Extracts X X X X X X X X Extracts X X X X ..... Assessee had not given books to a qualified CA. We do not know, the exact qualification of Mr.Kadam, who calls himself Accountant. As per Section 288 Explanation. In this section, accountant means a chartered accountant as defined in clause (b) of sub-section (1) of section 2 of the Chartered Accountants Act, 1949 (38 of 1949) who holds a valid certificate of practice under sub-section (1) of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Income Tax (Appeals) [NFAC], Delhi, dated 20.02.2023 for A.Y. 2017-18, emanating from the penalty order u/s. 271B of the Act dated 15/03/2022. The assessee has raised the following grounds of appeal: 1. On the facts and circumstances of the case and law the ld. Assessing Officer has erred to levy penalty u/s. 271B of Income Tax Act, 1961 without considering reasonable cause. (Rs. 1,29,919/-) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... leviable. The AO held that assessee has defaulted by not filing audit report within the stipulated time limit. The reason given by the assessee was not sufficient and valid, therefore, the AO levied penalty of Rs.1,29,919/- u/s. 271B of the Act. 3. Aggrieved by the order of the AO, the assessee filed appeal before the ld.CIT(A), however, assessee had not filed any submissions even though notic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the orders of the lower authorities. Findings analysis:- 6. It is an admitted fact by the assessee that Assessee had maintained books of accounts for the year under consideration. The assessee pleaded that the books were given to Accountant. In support of the same he filed copy of affidavit of Mr. Mahesh Kadam. It is claimed by Mr.Mahesh Kadam that he is an accountant, he collected th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Chartered Accountants Act, 1949 (38 of 1949) who holds a valid certificate of practice under sub-section (1) of section 6 of that Act . Only a qualified CA is permitted to Audit books of account. In the affidavit it is claimed by Mr.Kadam, that he had not given data to CA. Thus, in the affidavit he is not referring to books. However, for Audit, books of account are required. Therefore, the claim ..... X X X X Extracts X X X X X X X X Extracts X X X X
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