9911796707
TMI Blog2024 (6) TMI 973X X X X Extracts X X X X X X X X Extracts X X X X ..... ooks of account. As no books of accounts were maintained by the assessee he could not produce books of account before the Tax authority and therefore, no question will arise for production of books of account. Thus penalty imposed by Ld. A.O u/s 271B of the Act is erroneous. Accordingly, we direct ld. AO to delete the impugned penalty. Assessee appeal allowed. - HON BLE SHRI MANOJ KUMAR AGGARWAL, AM AND HON BLE SHRI MANOMOHAN DAS, JUDICIAL MEMBE R. For the Appellant: Shri S. Sridhar, Advocate For the Respondent: Shri P.Sajit Kumar, JCIT ORDER Per Manomohan Das, JM: This set of two appeals by the assessee are directed against the orders of the learned Commissioner of Income-Tax, (Appeals), Chennai -20 [CIT(A) dated 26-09-2023 in respect of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee is engaged in the business of Real Estate and assessed to income tax. A survey operation under section 133A was conducted at the business premises of the assessee on 13-08-2018. During the course of the survey, it was noticed that the assessee deposited cash to the tune of Rs. 7,83,18,750/- and also invested a sum of Rs. 60,33,000/-. Therefore, notice under section 148 of the Act was issued to the assessee for assessing the escaped income. The assessee in response, filed the return of income for the AY 2013-14 on 16- 04-2021 admitting total income of Rs. 36,30,130/-. Thereafter, notice under section 143(2) was issued to the assessee on 03-12-2021 in response to which the assessee submitted the details. It was the submission of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the assessee, observed that the case of the assessee could be considered as a case of non-production of books of accounts and not getting the books of accounts audited u/s 44AB rather than a case of non- maintenance of books of accounts. The ld. CIT(A) observed that the assessee did not maintain proper books of account. The ld. CIT(A) further observed that there is a difference between non-maintenance of books accounts and not maintaining proper books of accounts. Not maintaining proper books of accounts means books of accounts are maintained but not as expected to be maintained as per applicable rules. 10. We observe from the copy of the written submissions which was placed before the ld. CIT(A) that the assessee did not maintain books ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f books of account the obligation of the assessee does not come to an end. He is required to do something more, i.e. by getting the books of account audited by an accountant. But when a person commits an offence by not maintaining the books of account as contemplated by section 44AA, the offence is complete. After that there can be no possibility of any offence as contemplated by section 44AB and, therefore, the imposition of penalty under section 271B was held to be erroneous. 13. The case in our hands is similar. The assessee did not maintain books of account. As he did not maintain books of account, no question for producing the books of account before the Tax Authority will arise. The assessee violated section 44AA of the Act and for th ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
