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| The Tax Publishers2020 TaxPub(DT) 1102 (Ind-Trib) INCOME TAX ACT, 1961
Section 271B
Case was set aside all to AO, to carry out necessary verification with assistance of assessee who was to file all necessary details in support of its contention that turnover was below prescribed limit. Further, AO was directed to compute turnover as per guidance note on section 44AB issued by 'ICAI' as well as settled judicial precedence and provisions of law.
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Penalty under section 271B - Validity - Assessee failed to obtain Audit Report under section 44AB -
Issue was as regards imposition of penalty under section 271B for failure to get accounts audited under section 44AB. Held: Case was set aside all to AO, to carry out necessary verification with assistance of assessee who was to file all necessary details in support of its contention that turnover was only Rs. 51,78,174 and not Rs. 23,03,41,870 as held by CIT(A). However, AO was directed to compute turnover as per guidance note on section 44AB issued by 'ICAI' as well as settled judicial precedence and provisions of law.
REFERRED : Banwari Sitaram Pasari HUF v. Asstt. CIT IT Appeal No. 1489 (Pune) of 2011 (22-11-2012) : 2013 TaxPub(DT) 0219 (Pune-Trib) Sh. Mohan Singh Chhabra (HUF) v. Dy. CIT (IT Appeal No. 270 (Asr) 2012, dated 10-10-2012
FAVOUR : In assessee's favour by way of remand
A.Y. :
IN THE ITAT, INDORE BENCH
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