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TMI Blog2024 (2) TMI 1433X X X X Extracts X X X X X X X X Extracts X X X X ..... below. Therefore, we are of the view that the assessee was under the bona fides believe that his accounts are not liable to be audited under section 44AB of the Act. We also find that the penalty is not levied automatically under the provision of law. The Authorities Below are empowered to waive the penalty if they find that there was sufficient and reasonable cause for not getting the accounts a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ainst the order of the Learned Commissioner of Income Tax (Appeals), Jamnagar [Ld. CIT(A) in short] dated 16/05/2018 arising in the matter of penalty order passed under s. 271B of the Income Tax Act, 1961 (hereinafter referred to as the Act ) dated 29/06/2017 relevant to the Assessment Years (A.Y.) 2009-10. 2. The effective issue raised by the assessee is that the learned CIT (A) erred in confirmi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee is in appeal before us. 6. The learned AR before us submitted that the assessee is a commission agent and therefore the amount of commission earned by him should be construed as turnover of the business which is an amount of Rs. 3,46,985/- only. 7. On the other hand the learned DR vehemently supported the order of the authorities below. 8. We have heard both the parties and perused the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 273B. Notwithstanding anything contained in the provisions of [clause (b) of sub-section (1) of] [section 271, section 271A, [section 271AA,] section 271B [, section 271BA], [section 271BB,] section 271C, [section 271CA,] section 271D, section 271E, [section 271F, [section 271FA,] [section 271FB,] [section 271G,]] [section 271H,] clause (c) or clause (d) of sub-section (1) or sub-section (2) of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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