2022 (4) TMI 722

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....om the record that since 28/06/2021, nobody is appearing on behalf of the assessee despite repeated notices issued by registered post with AD. Accordingly, we propose to hear and dispose of this appeal exparte. The assesse has raised the following grounds:- "1. The Ld AO erred in levying penalty of Rs. 1,50,000/- under section 271B of the Income Tax Act 1961. 2. The appellant craves leave to add further grounds or to amend or alter the existing grounds of appeal on or before the date of hearing." 3. The assesse is an individual and filed his return of income on 30/09/2012 declaring total income of Rs. 6,09,630/-. The case was selected for scrutiny under CASS. The Assessing Officer issued notices under section 143(2), 14....

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....passed penalty order dated 28/09/2015 under section 271B of the Act whereby the penalty of Rs. 1,50,000/- was levied. The assessee challenged the levy of penalty before the CIT(A) but could not succeed. 4. We have gone through the grounds of appeal as raised before the Tribunal as well as before the CIT(A) and noted that the assessee has not uttered a single word to explain the reasons for not getting the books of accounts audited as required under section 44AB of the Income-tax Act. The Ld.DR has relied upon the orders of authorities below and submitted that the assessee has not disputed the turnover of the assessee at Rs. 27,69,32,010/- and therefore, as per the provisions of section 44AB, the books of account of the assessee are requi....

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....provisions of the section 44AB of the IT Act, 1961. However, the assessee has not bothered to file the requisite Audit Report before the AO during the course of assessment proceedings. In absence of any detail, the AO was left with no other option but to pass the assessment order based on the information available on records of this office as per the provisions of the Section 144 of the Act., determining total income at Rs. 2,21.54.560/-. - "4. Considering the above facts of the case, I have reason to believe and conclude that the assessee has defaulted in not getting his books of accounts audited as per provisions of section 44AB of the IT Act, having knowledge of the fact that his total receipts during the year under consideratio....