9911796707
TMI Blog2022 (6) TMI 1510X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee gets in this case is only the Commission income. The rate of commission is also determined by the Mother Dairy fruit and vegetable Pvt. Ltd. The assessee increased the product value as per the distributor margin indicated by the Mother Dairy from time to time and as per shop to shop based on the locality. Revenue has wrongly considered the gross turnover as the sale of the assessee instead of the commission/margin amount earned by the assessee. Hence, keeping in view, the peculiar facts in the instant case and the provisions of 271B and 273B, we hold that the penalty levied be obliterated. Decided in favour of assessee. - SH. A.D. JAIN, VICE PRESIDENT AND DR. B. R. R. KUMAR, ACCOUNTANT MEMBER For the Assessee : Sh. U.S. Aggarwal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he ledger account of the assessee as appearing in the books of Mother Dairy Fruit Vegetable Pvt. Ltd. 5. The AO held that total turnover of the assessee works out to Rs. 3,19,09,663/- which was received by the Mother Dairy through assessee's bank accounts. It was held that since, the assessee s turnover exceeds Rs. One crore the assessee was liable to get his books of account audited. Owing to non-audited of books of accounts after having exceeded threshold limit specified u/s 44AB, penalty u/s 271B has been levied. 6. The Ld. CIT(A) confirmed the addition. 7. For the sake of ready reference and completeness of the entire order of the Ld. CIT(A) is reproduced hereunder:- The AO has levied the penalty on account of failure of the assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h the facts on record. The provisions of section 271B are as under:- 271B. If any person fails to get his accounts audited in respect of any previous year or years relevant to an assessment year or furnish a report of such audit as required under section 44AB, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum equal to one-half per cent of the total sales, turnover or gross receipts, as the case may be, in business, or of the gross receipts in profession, in such previous year or years or a sum of one hundred fifty thousand rupees, whichever is less. 9. Provisions of section 273B are as under:- Notwithstanding anything contained in the provisions of .. section 271B .., No penalty shall be imposable on the ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
