2010 (3) TMI 918

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....: Sri A. Shankar And M. Lava, Advs JUDGEMENT These appeals are filed by the revenue raising the following substantial questions of law: 1. Whether the Tribunal was correct in holding that the bank account and other statements from which income cannot be computed but is written on estimate basis constitute books of accounts and other documents within the meaning of provisions of Section 44....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Assessing Officer, on noticing that the assessee had not maintained books of accounts as prescribed under Section 44A of the Income Tax Act, proceeded to initiate penalty proceedings under Section 271A of the Act. Pursuant to a notice issued to the assessee, a reply was given that the books were maintained in the usual course of computations and that the penalty could not be levied. The Assessing ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....000, the assessee had declared his turn over by filing a return and the said return was also processed by the Assessing Officer. However subsequently, Section 44AA of the Act was applied and notice was issued to the assessee contending that the books of accounts were not maintained in terms of the said Section. A reading of the said section makes it clear that a person carrying on legal, medical, ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....il contracts, in which the assessee is engaged. The Tribunal has considered the said question and has concluded when no prescribed format has been issued by the Revenue, the maintenance of the books of accounts as far as the civil contract business is concerned in the manner in which the books of accounts were maintained by the assessee, could not be found fault with and accordingly, has allowed t....