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Income Tax Appellate Tribunal, ‘B’ BENCH, CHENNAI
Before: HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM, & HON’BLE SHRI MANOMOHAN DAS
आदेश / O R D E R Manoj Kumar Aggarwal (Accountant Member) 1. Aggrieved by confirmation of penalty u/s 271B for Rs.47,866/- for Assessment Year (AY) 2016-17, the assessee is in further appeal before us. The impugned order has been passed by learned Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi [CIT(A)] on 07-02-2023 in the matter of impugned penalty levied by Ld. AO vide order dated 19.02.2020. The penalty has been levied on the allegation that the assessee failed to get its accounts audited u/s 44AB.
2 - 2. The Ld. AR, at the outset, submitted that the turnover of the assessee is below prescribed limit of Rs.1 Crore and therefore, no such audit was required. In such a case, the impugned penalty would have no legs to stand. The Ld. Sr. DR concurred with the same but submitted that the fact of turnover could be verified by Ld. AO.
Accepting the same, we direct Ld. AO to verify the claim of Ld. AR. If turnover is below prescribed limit, the impugned penalty would not be sustainable. No other point has been urged before us.
The appeal stand allowed for statistical purposes. Order pronounced in open court on 26th April, 2023.