9911796707
TMI Blog2023 (6) TMI 638X X X X Extracts X X X X X X X X Extracts X X X X ..... for the same at any stage. This becomes all the more intriguing as admittedly the accounts stand maintained and, in fact, duly audited, albeit under the governing Act, so that all that was required to be done was to obtain the audit report u/s. 4AB, which seeks factual information on various compliances under the Act, and furnishing it along with the statutory audit report under the Kerala Act. The facts are admitted, and no case for non-levy of penalty has been made out even before us. That apart, this very plea, i.e., of accounts having been audited under the Kerala Act, was found as untenable in law by the Hon'ble jurisdictional High Court in Peroorkkada Service Cooperative Bank [ 2020 (1) TMI 624 - KERALA HIGH COURT ], upholdi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the due date of filing return u/s. 139(1) of the Act (i.e., 30.09.2014 for the relevant year), the assessee had failed to furnish the audit report there-under. The explanation of having furnished, instead, the audit report under the Kerala Act was found by the AO as in fact in compliance of the first condition of section 44AB of the Act, requiring, in addition, furnishing of audit report u/s. 44AB of the Act, referring to the relevant Rule, prescribing the specified form for the said audit report. He, accordingly, levied penalty in the sum of Rs.1,45,600, i.e., @0.5% of the turnover, as prescribed by the provision. The same stood confirmed in appeal on the same basis, finding the case to be in fact squarely covered by the decision in Peroo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... statutory audit report under the Kerala Act. 3.2 The facts are admitted, and no case for non-levy of penalty has been made out even before us. That apart, this very plea, i.e., of accounts having been audited under the Kerala Act, was found as untenable in law by the Hon'ble jurisdictional High Court in Peroorkkada Service Cooperative Bank (supra), upholding the levy of penalty under like situation. We have, under the circumstances, no hesitation in confirming the penalty. We decide accordingly. 4. Since the appeal of the assessee is dismissed, the stay petition becomes infructuous. 5. In the result, the appeal and the stay petition filed by the assessee are dismissed. Order pronounced under Rule 34 (3) of The Income Tax (Ap ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
