2022 (10) TMI 351

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....ent Year (A.Y) 2010-11. 2. The brief facts of the case is that the assessee is an individual and engaged in the business of trading shares, and securities in Multi Commodity Exchange. For the assessment year 2010-11, the assessee did not file the Return of Income. As per the information with the Department, the assessee had entered into transactions with the Multi Commodity Exchange in aggregate of Rs. 5,09,86,890/-. Therefore the assessee was issued notice u/s. 148 and the assessment order reopened. The assessee did not respond to the u/s. 148 notice. Therefore the Assessing Officer called for information u/s. 133(6) from the M/s. Arcadia Commodities and Trading. 2.1. On verification and information, it is seen that the assessee had ....

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....f the assessment order that the assessee has neither produced the books of accounts nor has maintained the same and accordingly concluded income reported by the M/s. Arcadia Commodities and Trading, the turnover made by the assessee. Since the assesse is a small middle class person there was no intention to maintain or get its books audited and he has not been able to comply with the above. 4. Per contra, the ld. D.R. appearing for the Revenue supported the order of the lower authorities and pleaded to confirm the penalty levied and thereby dismissed the assessee's appeal. 5. We have heard both sides arguments and perused the materials available on record including the written submission filed by the assessee. The consistent stand of ....