SHRI ARVIND SHARMA,JAIPUR vs. INCOME TAX OFFICER, WARD-1-3, JAIPUR

lquokbZ dh rkjh[k@ Date of Hearing : 20/11/2019 mn?kks"k.kk dh rkjh[k@ Date of Pronouncement : 21/11/2019 vkns'k@ ORDER PER: R.C. SHARMA, A.M. This is an appeal filed by the assessee against the order of ld. CIT(A)-I, Jaipur dated 16/07/2019 for the A.Y. 2012-13 in the matter of imposition of penalty U/s 271A of the Income Tax Act, 1961 (in short, the Act).

2 ITA 1040/JP/2019 Arvind Sharma Vs ITO 2. Rival contentions have been heard and record perused. Facts in brief are that the assessment was reopened on getting information that the assessee was taking bogus entries of long term capital gain amount to Rs. 2,39,25,064/-. After reopening the A.O. found that as per trading account of shares filed by the assessee, total sales of the assessee is Rs. 3,99,96,449/- for the year under consideration. But the assessee failed to keep and maintain any such books of account and other documents as required by Section 44AA in respect of previous year. Therefore, penalty U/s 271A is initiated for non-maintenance of books of account. The A.O. also levied penalty U/s 271B of the Act for not getting the accounts audited. The ld. CIT(A) deleted the penalty imposed U/s 271B of the Act on the plea that since the assessee has not maintained proper books of book there is no occasion to get the accounts audited, therefore, there is no justification for levy of penalty U/s 271B of the Act. The assessee has not challenged the order of the ld. CIT(A) to the finding that the assessee has not maintained books of account accordingly the assessee has accepted the finding of the ld. CIT(A) for not maintaining the books of account. Accordingly, I do not find any infirmity in the order of the ld. CIT(A) in confirming the penalty U/s 3 ITA 1040/JP/2019 Arvind Sharma Vs ITO 271A of the Act for not maintaining books of account. I uphold the same.

Order pronounced in the open court on 21st November, 2019

Sd/- ¼jes'k lh 'kekZ½ (RAMESH C SHARMA) ys[kk lnL;@Accountant Member Tk;iqj@Jaipur fnukad@Dated:- 21st November, 2019 *Ranjan आदेश की प्रतिलिपि अग्रेf’ात@ब्वचल वf जीम वतकमत वितूंतकमक जवरू vihykFkhZ@The Appellant- Shri Arvind Sharma, Jaipur. 1. izR;FkhZ@ The Respondent- The I.T.O., Ward-1(3), Jaipur. 2. vk;dj vk;qDr@ CIT 3. vk;dj vk;qDr¼vihy½@The CIT(A) 4. विभागीय प्रतिनिधि] आयकर अपीलीय अधिकरण] जयपुर@क्त्ए प्ज्Aज्ए Jंपचनत 5. xkMZ QkbZy@ Guard File (ITA No. 1040/JP/2019) 6. vkns'kkuqlkj@ By order,

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