2013 (4) TMI 392

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....l, the taxpayer is not maintaining any books of account. According to the ld.senior counsel, no books of account were prescribed by the CBDT in respect of civil contrctor. Therefore, the taxpayer can not be blamed for not maintaining the books of account. Referring to the order of the CIT(A) dated 10-04-2012, the ld.senior counsel submitted that the penalty levied u/s 271A of the Act by the assessing officer was deleted by the CIT(A). According to the ld.senior counsel, once the books of account were not maintained, there is no question of any levy of penalty for not auditing the books of account. According to the ld.senior counsel, the question of audit would come into consideration only if at all the taxpayer was maintaining the books of ....

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.... Sub clause (2) of section 44AA clearly says that every person carrying on business or profession [not being the profession referred to in sub clause (1)] shall keep and maintain the books of account and other documents as may enable the Assessing Officer to compute his total income in accordance with the provisions of this Act in case the income from business or profession exceeds one lakh twenty thousand rupees or his total sales, turnover or gross receipts, as the case may be, in business or profession exceeded or exceeds ten lakh rupees in any one of the three years immediately preceding the previous year. Therefore, in our opinion, the legislature expects even a civil contractor to maintain the books of account. 5. In exercise of the ....