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TMI Blog2024 (3) TMI 663X X X X Extracts X X X X X X X X Extracts X X X X ..... sessment year 2017-18. The assessee has assailed the impugned order on the following grounds of appeal: "1. On the facts and circumstances of the case, the penalty confirmed by the ld. CIT(Appeal) u/s. 271A is being opposed to facts and law on several grounds. Hence consequential penalty may very kindly be dropped. 2. The appellant craves leave to add, urge, alter, modify or withdraw any ground/s before or at the time of hearing." 2. Shri Y.K Mishra, Ld. Authorized Representative (for short 'AR') for the assessee at the very threshold submitted that the appeal is time-barred by 14 days. Elaborating on the reasons leading to the delay involved in the filing of the appeal, the Ld. AR had filed an application seeking condonation o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Act. 6. After the culmination of the assessment proceedings, the A.O. treating the assessee as being in default for not maintaining books of accounts as required per the mandate of Section 44AA of the Act, saddled it with penalty u/s. 271A of the Act of Rs. 25,000/-. 7. Aggrieved the assessee carried the matter in appeal before the CIT(Appeals) but without success. 8. The assessee being aggrieved with the order of the CIT(Appeals) has carried the matter in appeal before us. 9. We have heard the ld. Authorized Representatives of both the parties, perused the orders of the lower authorities and the material available on record, as well as considered the judicial pronouncements that have been pressed into service by the Ld. AR to drive ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Act of Rs. 25,000/- could not be sustained and was liable to be vacated. 11. Per contra, the Ld. Departemntal Representative (for short 'DR') relied on the orders of the lower authorities. 12. At the threshold, we may herein observe that the assessee, an educational institution which was being run by Managing Society, viz. Kamla Nehru Mahavidyalaya Samithi, Korba remained under a statutory obligation to separately maintain its books of account. Although, it is observed by the A.O. that the assessee had not maintained any books of account, we find that on the contrary, the assessee had in compliance to the Question Nos. 9 & 14 of the notice issued by the A.O u/s. 142(1) of the Act dated 14.08.2019, Page 71 to 75 of APB, uploaded ..... X X X X Extracts X X X X X X X X Extracts X X X X
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