2019 (3) TMI 911

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ER This is assessee's appeal for the A.Y 2013-14 against the order of the CIT (A)-7, Hyderabad, dated 28.11.2017 confirming the penalty levied by the AO u/s 271A of the Act. 2. The AO initiated the penalty u/s 271A since in the assessment order u/s 143(3) of the Act, the gross receipts had been arrived at Rs. 1,72,87,696/- and since it exceeded Rs. 1.00 crore, the assessee was required to ma....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....equired to maintain any books of account. Therefore, he prayed for deletion of the penalty u/s 271A of the Act. 4. The learned DR, however, supported the orders of the authorities below. 5. Having regards to the facts of the case, I find that according to the assessee his gross receipts were less than Rs. 1.00 crore and therefore, he need not have maintained the books of account. The gross r....