SRI JAGAT SINGH,KOLKATA vs. ITO, WARD - 37(3), KOLKATA , KOLKATA

This appeal filed by the assessee is directed against the order of Ld. CIT (Appeals) – 12, Kolkata dated 22.06.2017 passed ex-parte whereby he confirmed the penalty of Rs. 1,50,000/- imposed by the A.O. under section 271B of the Income Tax Act, 1961.

The assessee in the present is an individual who is engaged in the business of goods carrier. The return of income for the year under consideration was filed by him on 30.09.2013 declaring a total income of Rs. 13,77,570/-. In the said return, total receipts of his business were shown by the assessee at Rs. 5,37,26,890/-. However his accounts for the year under consideration were not got audited by the assessee and the report of such audit was not furnished by him within the due date as required by the provisions of section 44AB.