2016 (4) TMI 161

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....al by the assessee against the order dated 29.05.2013 of ld. CIT(A)-XXVII, New Delhi. 2. The only grievance of the assessee in this appeal relates to the confirmation of penalty of Rs. 45,458/- levied by the AO u/s 271B of the Income Tax Act, 1961 (hereinafter referred to as the Act). 3. Facts of the case in brief are that the assessee filed the return of income on 30.09.2008 declaring an in....

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....sions of Section 44AB of the Act. The AO initiated the penalty proceedings u/s 271B of the Act and levied the penalty of Rs. 45,458/-. 4. Being aggrieved the assessee carried the matter to the ld. CIT(A) and submitted that it was not a case where absolutely no compliance had been made u/s 44AB of the Act but was a case where compliance u/s 44AB of the Act could not be made with respect to one s....

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....nd sale transactions of the shares were treated by him in the books of accounts i.e. whether the shares were held as stock in trade or as an investment. The ld. CIT(A) held that the assessee's accounts relating to the business activity of trading in shares were not audited as required under the provisions of Section 44AB of the Act. He accordingly confirmed the penalty levied by the AO. 6. ....

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....ustified. 7. In his rival submissions the ld. DR strongly supported the orders of the authorities below. 8. We have considered the submissions of both the parties and perused the material available on the record. In the present case, it appears that the assessee got his accounts audited relating to regular business of manufacturing of GLS Lamps. However, no audit was got conducted in respect....