9911796707
TMI Blog2024 (6) TMI 1210X X X X Extracts X X X X X X X X Extracts X X X X ..... were sales on behalf of Mother Dairy. The assessee was under a reasonable/bonafide belief that he was not needed to get his accounts audited as transactions belonged to Mother Dairy. In these circumstances, we set aside the orders of the authorities below and delete the levy of penalty u/s 271B. Assessee appeal allowed. - SHRI SHAMIM YAHYA , ACCOUNTANT MEMBER AND SHRI ANUBHAV SHARMA , JUDICIAL MEMBER FOR THE ASSESSEE : SHRI KISHAN KUMAR GUPTA , CA FOR THE REVENUE : MS. MAIMUN ALAM , SR. DR ORDER PER SHAMIM YAHYA , ACCOUNTANT MEMBER : This appeal by the assessee is directed against the order of the ld. CIT (Appeals)/National Faceless Appeal Centre (NFAC) dated 17.03.2023 for the assessment year 2017-18. 2. Grounds of appeal taken by the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dated 15.11.2022 for A.Y.2010-11 2012-13, wherein Ld. CIT(A) has been erred in law and on facts in confirming the levy the penalty of Rs. 1,09,807/- by Ld.AO u/s 271B of the income tax act, 1961 for A.Y.2017-18. 3. Assessee in this case was earning commission from selling products of Mother Dairy. Assessee claimed that assessee has earned only commission income of Rs. 3,24,558/-. However, AO noted that assessee has made cash deposit in SBI on various dates amounting to Rs. 2,74,40,000/-. Assessee claimed that this is sales on behalf of Mother Dairy. AO was of the opinion that assessee had failed to get his accounts audited. Hence, AO made penalty under section 271B of the Income-tax Act, 1961 (for short 'the Act') @ % of the total s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , tax audit u/s 44AB has been done in his own case. Therefore, the explanation of the appellant that he was not required to get his books of account audited for the current year does not hold any valid ground once it is clear that the turnover exceeded Rs. 1 crore during the relevant A. Y. 2017-18. This fact has been established from the written reply of the appellant. Hence, the explanation of the appellant that he was not required to get his books of account audited for the current assessment year is found to be contradictory to his own statement, because he has specifically stated that he became aware and got the books of account audited as per section 44AB for the AY 19-20. 5. Against this order, assessee has filed appeal before us. We ..... X X X X Extracts X X X X X X X X Extracts X X X X
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