ASHOK SHANKARNARAYAN HEBBAR,JAMNAGAR. vs. INCOME TAX OFFICER, WARD-1(3), JAMNAGAR

ITA 198/RJT/2018Status: DisposedITAT Rajkot15 July 2019AY 2013-146 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal upheld the penalty under Section 271A for failure to maintain books of account. However, it deleted the penalty under Section 271B, following a co-ordinate bench decision that held separate penalties for non-maintenance and non-audit were not justified when the assessee was already penalized for non-maintenance.

What were the facts?

The assessee engaged in share trading with a turnover exceeding Rs. 6 crore did not maintain books of account or get them audited. The Assessing Officer imposed penalties under Section 271A for non-maintenance of books and Section 271B for non-audit.

What were the issues?

Whether penalty under Section 271B for non-audit is sustainable when a penalty under Section 271A for non-maintenance of books has already been levied and upheld.

Which sections of the Income-tax Act were involved?

Section 271A,Section 271B,Section 44AA,Section 44AB

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, RAJKOT BENCH, RAJKOT

Before: Shri Mahavir Prasad & Shri Amarjit Singh

For Appellant: Shri Chetan Agarwal, A.R
For Respondent: Shri Praveen Verma, Sr. D.R, Shri Chetan Agarwal, A.R

PER : AMARJIT SINGH, ACCOUNTANT MEMBER:- These two assessee’s appeals for A.Y. 2013-14, arise from order of the CIT(A), Jamnagar, in proceedings under section 271A & 271B of the Income Tax Act, 1961; in short “the Act”.

2.

The solitary ground of appeal is against the order of ld. CIT(A) in confirming penalty of Rs. 25000/- imposed by the assessing officer u/s. 271A.

I.T.A Nos. 197 & 198/Rjt/2018 A.Y. 2013-14 Page No 2

3.

The fact in brief is that assessee has filed return of income declaring income of Rs. 3,20,020/- on 2nd May, 2014. The case was selected under scrutiny

The order continues below.

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