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Income Tax Appellate Tribunal, PUNE BENCH “B” : PUNE
Before: SHRI SATBEER SINGH GODARA & DR. DIPAK P. RIPOTE
ORDER PER SATBEER SINGH GODARA, J.M. :
This assessee’s appeal for assessment year 2017- 2018, arises against the National Faceless Appeal Centre [in short “NFAC”] Delhi’s Din and Order No. ITBA/NFAC/S/250/ 2022-23/1052246458(1), dated 21.04.2023, involving proceedings u/s. 271B of the Income Tax Act, 1961 (in short “the Act”).
Heard both the parties. Case file perused.
2 ITA.No.546/PUN./2023
Coming to the assessee’s sole substantive grievance that both the learned lower authorities have erred in law and on facts in levying the impugned sec.271B penalty of Rs.71,732/-, we note that the NFAC’s lower appellate discussion affirming the same reads as under :
3 ITA.No.546/PUN./2023 4 ITA.No.546/PUN./2023 3. Learned counsel’s sole substantive argument in the instant case is that the assessee had merely derived small amount of commission treated as business income of Rs.4,47,770/- and, therefore, the same nowhere exceeds the prescribed threshold limit of Rs.1 crore mandatory for the purpose of maintaining the books of account u/s.44AB of the Act. We find no merit in the assessee’s instant solitary argument once it has come on record that the corresponding turnover of Rs.1 crore indeed gets satisfied in the instant case as per the CIT(A)'s detailed discussion (supra). We, therefore, reject the assessee’s vehement arguments seeking to treat her net income only in the nature of commission as business turnover not requiring her to maintain books of account. We accordingly accept the Revenue’s stand supporting the NFAC’s above detailed discussion in entirety. The assessee fails in her sole substantive grievance. Ordered accordingly.
This appeal of the assessee is dismissed in above terms.
Order pronounced in the open Court on 25.05.2023.