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| The Tax Publishers2020 TaxPub(DT) 0498 (Ahd-Trib) INCOME TAX ACT, 1961
Section 271B
Where assessee prepared her books of account and got audited from accountant under the provision of section 44AB and books of account, which were subsequently audited, prepared by the assessee during the assessment proceedings were accepted by the AO therefore, no penalty was levied under section 271A and accordingly penalty under section 271B was not warranted.
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Penalty under section 271B - Non-compliance to provisions of section 44AB - Validity -
Assessee had received commission for which had neither got his books of account audited nor furnished report in Form 3CD on such audit as required under section 44AB. Therefore, AO initiated penalty proceedings under section 271B.Held: As during the course of assessment proceedings assessee prepared her books of account and got audited from accountant under the provision of section 44AB. The books of account, which were subsequently audited, prepared by assessee during the assessment proceedings were accepted by the AO therefore, no penalty was levied under section 271A. AO levied penalty for not furnishing the audited report in form 3CD in time under section 271B. Therefore, assessee under the bona fide belief failed to get the accounts audited and in such facts and circumstances penalty under section 271B was not warranted.
REFERRED :
FAVOUR : In assessee's favour.
A.Y. :
IN THE ITAT, AHMEDABAD BENCH
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