2023 (6) TMI 111

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....ppeal filed by the assessee against the order of Commissioner of Income Tax (Appeals) [NFAC], Delhi, dated 20.02.2023 for A.Y. 2017-18, emanating from the penalty order u/s. 271B of the Act dated 15/03/2022. The assessee has raised the following grounds of appeal: "1. On the facts and circumstances of the case and law the ld. Assessing Officer has erred to levy penalty u/s. 271B of Income Tax Ac....

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....AO that this was a valid reason and penalty was not leviable. The AO held that assessee has defaulted by not filing audit report within the stipulated time limit. The reason given by the assessee was not sufficient and valid, therefore, the AO levied penalty of Rs.1,29,919/- u/s. 271B of the Act. 3. Aggrieved by the order of the AO, the assessee filed appeal before the ld.CIT(A), however, assesse....

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....the statutory time limit. 5. Ld.DR relied on the orders of the lower authorities. Findings &analysis:- 6. It is an admitted fact by the assessee that Assessee had maintained books of accounts for the year under consideration. The assessee pleaded that the books were given to Accountant. In support of the same he filed copy of affidavit of Mr. Mahesh Kadam. It is claimed by Mr.Mahesh Kadam that....

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....of sub-section (1) of section 2 of the Chartered Accountants Act, 1949 (38 of 1949) who holds a valid certificate of practice under sub-section (1) of section 6 of that Act". Only a qualified CA is permitted to Audit books of account. In the affidavit it is claimed by Mr.Kadam, that he had not given data to CA. Thus, in the affidavit he is not referring to books. However, for Audit, books of accou....