2017 (6) TMI 1042

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.... the Act. 2. While pleading on behalf of the assessee, the ld AR of the assessee has submitted that the assessee is a retail supplier of milk and not maintaining books of account. The return of income filed U/s 44AB of the Act. The Assessing Officer observed that the gross receipts of the assessee were Rs. 3,11,33,296/-, which exceeds limit for maintaining books of account and get them audited U/s 44AB of the Act. The Assessing Officer initiated the penalty U/s 271A and 271B of the Act for not maintaining books of account and not getting them audited as per provisions of Section 44AA and 44AB of the Act respectively. The Assessing Officer levied the penalty U/s 271A of the Act for not maintaining the books of account vide order dated 29/....

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....he Assessing Officer noticed that the assessee has failed to maintain his books of account for the year under consideration as required by Section 44AA of the Act on 29/05/2014. On the same date, the same Assessing Officer also levied the penalty U/s 271B of the Act for the reason that during the course of assessment proceedings, it was noticed that the assessee has failed to get his books of account audited during the year under consideration as required by Section 44AB of the Act. The ld. CIT(A) confirmed the penalty by relying on the decision of S.J. Agarwal & co. Vs. ITO (supra) wherein the assessee filed trading account and P&L account showing figures and decimals while in assessee's case return was filed U/s 44AB of the Act and no tra....