2004 (6) TMI 292

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....he IT Act, 1961. 2. The solitary ground of appeal is reproduced below: "On the facts and in the circumstances of the case, the learned CIT(A) is not justified in cancelling the penalty under s. 271B as it is obligatory to maintain the books of account by the assessee as the turnover is exceeding Rs. 40 lakhs." 3. It has been observed by the penalty imposing officer that although the asses....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....t the accounts audited under s. 44AB. Hence, the penalty has been illegally levied, hence, he has cancelled the penalty. 5. I have heard Shri A.K. Bar, learned Departmental Representative on behalf of the Revenue, and Shri Sanjay Mishra, advocate, learned Authorised Representative, on behalf of the assessee. 6. Learned Departmental Representative has argued that assessee is a railway contrac....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ared, there is no need of maintaining books of account. He has again drawn my attention to p. 11 of the paper book in which the revised return has been filed. He has also drawn my attention to paper book p. 13 in which the certificate from the Central Railway, Bhopal, has been given and the tax has been deducted at source. He has also argued that for 1994-95 the return has been revised and it has ....