GOGHAT THANA LARGE SIZED PRIMARY COOPERATIVE AGRICULTURAL MARKETING SOCIETY LTD.,HOOGHLY vs. ACIT, CIR-1, HOOGHLY, HOOGHLY

We advert to the relevant facts first of all. This assessee is a Co-operative Society. It filed its return of income on 30.03.2012 electronically disclosing ‘ nil ‘ income. Its gross receipts read a figure of Rs.20,42,57,002/-. There is no dispute about the due date of filing of the above return to be 30. 09.2011 u/s 139(1) of the Act. The Assessing Officer levied penalty in question after concluding that the above facts indicate the instant tax payer’s failure in submitting its audited books of accounts on or before the stipulated date i.e. 30.09.2011 as upheld in the course of lower appellate proceedings.

Learned Departmental Representative fails to dispute the fact that the CBDT Circular No.5/2007 dated 26.07.2007 clarified that a tax payer’s audit report u/s 44AB of the Act was not to be attached with the return. The Board further stipulated that the assessee concerned would get its books audited before the due date of furnishing of the return and fill up the relevant column on the basis of such report and that the report ought to be retained with the tax payer himself to be furnished later on in original during assessment proceedings. All these facts sufficiently show that although the assessee had got his books audited as per section 44AB of the Act, it did not furnish the same on or before the due date stipulated on 30.09.2011 as it had filed its return much later. The Board’s above stated beneficial circular; in our considered opinion, is duly attracted in the facts of the instant case as it was made explicitly clear therein that the assessee had to retain the books of accounts to be produced during the course of assessments. We therefore treat this default in question to be not without reasonable cause as per the above beneficial circular. We delete the impugned penalty in these peculiar facts and circumstances. 3. This assessee’s appeal is allowed. Order pronounced in the Court on 27.06.2018. Sd/- Sd/- [M.Balaganesh] [ S.S.Godara ] Accountant Member Judicial Member Dated : 27.06.2018. [RG Sr.PS] Copy of the order forwarded to: 1.Goghat Thana Large Sized Primary Co-operative Agricultural Marketing Society Ltd., At Vikdas, P.O. 7 P.S. Goghat, Dist. Hooghly, Pin 712614. 2. I.T.O., Ward-24 (4), Hooghly.. 3. C.I.T.(A)- 6, Kolkata 4. C.I.T-1, Kolkata 5. CIT(DR), Kolkata Benches, Kolkata. True Copy By order,