2024 (6) TMI 1210

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....e case, Ld. CIT(A) has erred in law as well as on facts on confirming the actions of Learned AO in levy the penalty of Rs. 1,09,807/- u/s 271B of the income tax act, 1961. 2. That the Ld. CIT(A) has been erred in law as well as on facts on treated the deposited cash into current account and transaction with mother dairy fruit & vegetable private limited exceeding Rs. 1 crores formed part of sales consideration for getting compulsory requirement of tax audit u/s 44AB of the income tax act, 1961 by assessee for A.Y.2017-18. 3. That the Ld. CIT(A) has been erred to not consider about the facts of commission income fixed by mother dairy fruit & vegetable private limited on each and every supply of milk and dairy products by as....

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....ame to Rs. 1,09,707/-. 4. Before the ld. CIT (A), assessee contended that assessee is only a commission agent and earns only commission from selling products of Mother Dairy. However, ld. CIT (A) was not convinced that the assessee was not required to get his books of account audited for the year under consideration and next assessment year assessee has got his accounts audited. The order of ld. CIT (A) in this regard may gainfully read as under:- " The issue was considered. The penalty order, written submission and relevant provisions of the Act were carefully perused. From the submission of the appellant, it is clear that the appellant is claiming only commission income of RS. 3,24,558/- derived from the sale of dairy products....