TULIKA KEDIA, NEW DELHI,DELHI vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, RAIPUR, RAIPUR

ITA 147/RPR/2025Status: DisposedITAT Raipur20 November 2025AY 2020-21Bench: SHRI PARTHA SARATHI CHAUDHURY (Judicial Member), SHRI ARUN KHODPIA (Accountant Member)12 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal found that the calculation of turnover from F&O transactions and the nature of other income needed verification. Therefore, the matter was restored to the AO for re-computation and fresh adjudication of the penalty.

What were the facts?

The assessee was penalized under Section 271B for not getting her accounts audited, as the AO believed her business income exceeded Rs. 1 Crore. The assessee contended that her turnover from F&O transactions, calculated as per ICAI guidelines, was below the threshold.

What were the issues?

Whether the assessee was liable for tax audit under Section 44AB, and consequently, whether the penalty under Section 271B was rightly imposed, considering the method of calculating turnover from F&O transactions.

Which sections of the Income-tax Act were involved?

Section 271B,Section 44AB,Section 153D,Section 250

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Income Tax Appellate Tribunal, RAIPUR BENCH, RAIPUR

Before: SHRI PARTHA SARATHI CHAUDHURY, JM & SHRI ARUN KHODPIA, AM

For Appellant: Shri S. R. Rao, Adv
Hearing: 20.11.2025

Per Arun Khodpia, AM: The captioned appeal is directed against the order of Commissioner of Income Tax (Appeal), Raipur-3, [in short “Ld. CIT(A)”], u/s 250 of the Income Tax Act, 1961 (in short “the Act”) dated 29.01.2025, for the AY 2020-21, which in turn arises from the Penalty order u/s 271B, dated 28.03.2023 passed by Assistant Commissioner of Income Tax, Central Circle-1, Income Tax Department, Raipur (in short “Ld. AO”).

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