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TMI Blog2023 (8) TMI 1444X X X X Extracts X X X X X X X X Extracts X X X X ..... audited, therefore, there was a contravention of Section 44AB and accordingly, penalty u/s. 271 B was initiated - assessee submitted that he has done all the investment considering himself as an investor and not as a trader - HELD THAT:- For violation of non maintenance of books of account u/s 44AA, there is a separate penal provision for levying penalty for non-maintaining of books of accounts p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee. - SHRI AMIT SHUKLA, JUDICIAL MEMBER SHRI GAGAN GOYAL, ACCOUNTANT MEMBER For the Appellant : Shri Aditya Ramchandran For the Respondent : Shri Mahesh Parwani ORDER PER AMIT SHUKLA (J.M): The aforesaid appeal has been filed by the assessee against order dated 16/03/2023 passed by NFAC, Delhi in relation to the penalty proceedings u/s.271B for the A.Y.2015-16. 2. The assessee is mainly ag ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the auditors and has not got the accounts audited, therefore, there was a contravention of Section 44AB and accordingly, penalty u/s.271 B was initiated. 3. In response to the show-cause notice, assessee submitted that he has done all the investment considering himself as an investor and not as a trader. However, the ld. AO held that assessee has not given plausible reason for not auditing the ac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nsidering the relevant facts placed on record and also the orders passed by the authorities below, we find that the penalty has been levied u/s. 271B for violation of Section 44AB, i.e., failure to get the accounts audited. It is not in dispute that assessee has not maintained any books of accounts as required u/s.44AA. For violation of non maintenance of books of account u/s 44AA, there is a sepa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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