2000 (4) TMI 189

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....confirming penalty of Rs. 29,315 levied by the Assessing Officer under section 271B of the Income-tax Act. 2. The assessee is a civil contractor. From the return filed, the Assessing Officer noted that the gross receipts from contracts exceeded Rs. 40 lakhs. As such, the assessee was required to get his accounts audited as per the provisions of section 44AB. As the assessee failed to get his ac....

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..... Hence he had already committed a default and was penalised under section 271A for non-maintenance of accounts. There was no justification for levying penalty under section 271B in view of the judgment of the Gauhati High Court in the case of Surajmal parasuram Todi v. CIT [1996] 222 ITR 691. He further submitted that the return was filed under section 139(4) and provisions of section 44AB were n....