2019 (5) TMI 1055

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....ified in confirming the penalty of Rs. 2,19,415/- imposed u/s.271(1)(c) of the Act. 3. The facts of the case are that on verification of the bank account, the Assessing Officer noted that there are credits of Rs. 73,13,808/- in the bank account of the assessee, which includes cash deposits of Rs. 19,17,000/- As there was no compliance during the assessment proceedings, the Assessing Officer computed income of the assessee at Rs. 14,62,762/- being @ 20% of the gross turnover of Rs. 73,13,808/-. On appeal, the CIT(A) reduced the computation of income to 10% being Rs. 7,31,880/- as against 20% computed by the Assessing Officer. 4. Therefore, the Assessing Officer levied penalty of Rs. 4,38,830/- holding that total income assessed of Rs. 14,6....

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....between the partners, the assessee could not maintain the books of account. 10. I have heard the rival submissions and perused the materials available on record of the Tribunal. The undisputed facts of the case are that the Assessing Officer observed that the assessee failed to keep and maintain books of account as per provisions of section 44AA of the Income tax Act, 1961 and, therefore, he levied penalty of R.25,000/- u/s.271A of the Act for non-maintenance of books of account in violation of section 44AA of the Act, which was confirmed in first appeal. 11. Section 273B provides as under: ""273B. Notwithstanding anything contained in the provisions of clause (b) of subsection (1) of section 271, section 271A, section 271B, section 271....

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....27/CTK/2019 13. In this appeal, the assessee agitated the confirmation of penalty of Rs. 5000/- levied u/s.271F of the Act. 14. I have the rival submissions and perused the record of the case. 15. The Assessing Officer has levied penalty u/s.271F of the Act on the ground that the assessee has failed to furnish return of income on or before 31.3.2014 without a reasonable cause. I find that Section 271F of the Act provides that "If a person who is required to furnish a return of his income, as required under subsection (1) of section 139 or by the provisions to that sub-section, fails to furnish such return before the end of the relevant assessment year, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum ....