2022 (1) TMI 884

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....penalty u/s. 271B of the Act. ITA No. 1542/PUN/2018 - Raje Dudh Utpadak Sahakari Sanstha Ltd.: 2. Succinctly, the facts of the case of Raje Dudh Utpadak Sahakari Sanstha Ltd. are that the assessee is a Cooperative Society engaged in sale and purchase of milk and milk products along with Cattle feeds and Chara etc. A return was filed declaring Nil income. During the course of the assessment proceedings, the AO observed that the assessee-AOP was required to get its accounts audited as its receipts amounted to Rs. 1.65 crore. In the absence of such auditing u/s. 44AB, the AO initiated penalty proceedings u/s. 271B of the Act. In the order passed u/s. 271B, the AO imposed penalty, which came to be affirmed in the first appeal. Aggrieved there....

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.... families. The assessee was in receipt of grant-in-aid from the Government of Maharashtra at predetermined rates on which deduction of tax at source was made u/s. 194C. The assessee further submitted that its turnover during the year was below the limit specified u/s. 44AB, if the amount of grant-in-aid was excluded. But for that, the accounts were audited by the Cooperative Auditor and the Audit report was submitted to the AO as well as the Registrar of Cooperative Societies. From the above narration of facts, it is clear that the assessee's receipts, except from grant-in-aid received from Government of Maharashtra amounting to Rs. 84.34 lakh, were less than the statutory limit of turnover for getting the accounts audited at Rs. 1.00 c....