2024 (9) TMI 787

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....5.2024 for the A.Y. 2018-19 arising out of the penalty order passed under section 271B of Income Tax Act, 1961 (in short 'Act') dated 21.12.2021. 2. Brief facts of the case are that, assessee filed return of income admitting total income at Rs. 31,07,860/- for the A.Y. 2018-19 on 04.12.2018. The case was selected for scrutiny and the assessment was completed under section 143(3) r.w.s. 144B of the Act dated 05.06.2021 determining the total income at Rs. 84,79,027/-. Assessing Officer noticed that the assessee has total sales / turnover / gross receipts for the year exceed the prescribed limit under section 44AB of the Act. Therefore, the Assessing Officer considered that assessee is required to get his books of accounts audited in terms ....

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....y in filing the audit report under Section 44AB within time 3. Each one of the above grounds of appeal is without prejudice to each other. 4. That the appellant craves leave to add/alter any of the grounds of appeal on or before the time of hearing." 5. The only issue emanating from the grounds of appeal raised by the assessee is with respect to confirming of penalty by the Ld.CIT(A) for failure of the assessee to file the audit report within the extended due date i.e., 31.10.2018. 6. The Ld.AR submitted that assessee could not file the audit report before the extended due date i.e., 31.10.2018, due to the fact that the invoices and other records were destroyed by the white ants, and the appellant had reconstructed t....

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....he previous year, in cash, does not exceed five per cent of the said amount; and (b) aggregate of all payments made including amount incurred for expenditure, in cash, during the previous year does not exceed five per cent of the said payment, this clause shall have effect as if for the words "one crore rupees", the words "[ten] crore rupees" had been substituted:] [Provided further that for the purposes of this clause, the payment or receipt, as the case may be, by a cheque drawn on a bank or by a bank draft, which is not account payee, shall be deemed to be the payment or receipt, as the case may be, in cash; or] (b) carrying on profession shall, if his gross receipts in profession exceed fifty lakh rup....