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TMI Blog2023 (6) TMI 272X X X X Extracts X X X X X X X X Extracts X X X X ..... as required u/s. 44AB - assessee has furnished an affidavit to state that he was not in the knowledge of the share transactions in his name as the same was done by his broker. Considering a reasonable cause as envisaged u/s. 273B of the Act, we hold that impugned penalty is not sustainable and is hereby deleted. Grounds taken by the assessee are allowed. - ITA No. 305/Kol/2023 - - - Dated:- 30-5-2023 - Shri Rajpal Yadav, Vice President And Shri Girish Agrawal, Accountant Member For the Appellant : Shri Soumitra Choudhury, Advocate For the Respondent : Shri G. Hukugha Sema. CIT, DR ORDER PER GIRISH AGRAWAL, ACCOUNTANT MEMBER: This appeal filed by the assesseeis against the order of Ld. CIT(A), National Facel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that he was not informed by the broker for the said share dealings which otherwise would have led the assessee to ascertain the quantum of loss in share dealings and arrive at short term or long term gain or loss on this account. In the course of hearing, assessee collected Form No. 10DB from the broker which showed the loss in the share dealings. It was contended that Ld. AO did not allow sufficient time to get the audit done in respect of the share dealings and furnish a report thereon. Assessee also submitted that in the course of assessment, the income was assessed at Rs.2,74,000/- in respect of income from business as reported in the return filed by the assessee. However, disregarding the submissions made by the assessee, Ld. AO impos ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... contra, Ld. CIT DR placed reliance on the orders of the authorities below to emphasize that penalty has been rightly imposed and should be confirmed. 6. We have heard the rival submissions and perused the material available on record. Section 271B of the Act provides that if any person fails to get his accounts audited in respect of an assessment year or furnish a report of such audit as required u/s. 44AB, the AO may direct that such person shall pay, by way of penalty, a sum equal to one-half per cent of the total sales, turnover or gross receipts, as the case may be, or a sum of Rs.1,50,000/-, whichever is less. However, no penalty shall be imposable on the person if he proves that there was a reasonable cause for the failure, as prov ..... X X X X Extracts X X X X X X X X Extracts X X X X
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