MR. MANOJ KUMAR GOUR,JAIPUR vs. ITO, WD-4(3), JAIPUR

ITA 247/JPR/2021Status: DisposedITAT Jaipur15 February 2023AY 2010-11Bench: HON’BLE SHRI SANDEEP GOSAIN (Judicial Member)20 pages
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What did the Tribunal hold?

The Tribunal held that penalty under Section 271B is not justified when no books of accounts were maintained, as the default of non-maintenance is complete. The penalty was deleted based on High Court and Tribunal precedents.

What were the facts?

The assessee, engaged in purchase and sale of securities, suffered a loss and did not file a return. The AO reopened the case, assessed the loss, and imposed a penalty under Section 271B for not getting books of accounts audited, alleging the turnover exceeded the limit. The CIT(A) confirmed the penalty.

What were the issues?

Whether penalty under Section 271B is leviable when the assessee has not maintained any books of account. Whether a penalty notice is valid if it is vague and does not specify the charges.

Which sections of the Income-tax Act were involved?

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

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Income Tax Appellate Tribunal, JAIPUR BENCHES,”SMC” JAIPUR

Before: HON’BLE SHRI SANDEEP GOSAINvk;dj vihy la-@ITA No. 247/JP/2021

For Appellant: Shri Vishal Gupta, C.A
Hearing: 22/11/2022Pronounced: 15/02/2023

PER: SANDEEP GOSAIN, J.M.

This appeal by the assessee is directed against the order of ld. CIT(A),

National Faceless Appeal Centre (NFAC), Delhi dated 14.09.2021 for the assessment year 2010-11. The assessee has raised the following grounds of appeal :-

1.

On the facts and circumstances of the case, the CIT (A) has erred in law and facts by approving action of ld. AO of levying penalty u/s 271B for not getting the books of accounts audited whe

The order continues below.

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