1996 (8) TMI 102

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....upta and R.K. Agarwal, Advs. JUDGMENT 1. At the instance of the assessee, the following question has been referred by the Income-tax Appellate Tribunal under section 256(1) of the Income-tax Act, 1961 (for short, "the Act"), for opinion of this court: "Whether, on the facts and in the circumstances of the case, the Tribunal was right in upholding the levy of penalty on the assessee ....

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.... penalty. The assessee requested the Tribunal to refer six questions to this court for its opinion as mentioned in paragraphs 1 and 2 of the paper book. However, the Tribunal referred only one question as stated above. 4. Heard Mr. R. K. Joshi, learned counsel appearing for the assessee, and Dr. A. K. Saraf, learned special counsel appearing on behalf of the respondent/ Income-tax Department. ....

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....44AA and on failure to do so the assessee shall be guilty and liable to be penalised under section 271A. Even after maintenance of books of account the obligation of the assessee does not come to an end. He is required to do something more, i.e., by getting the books of account audited by an accountant. But when a person commits an offence by not maintaining the books of account as contemplated by....