2022 (6) TMI 1510

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.... products. Before the AO, the assessee submitted that the assessee does not maintain the books of account and return is filed as per the presumptive taxation provisions. The assessee deposits the security with Mother Dairy against which he receives the milk products to be delivered. He receives cash on daily basis against milk products and deposits the same in his current account. Thereafter he makes ECS payment to mother dairy. The assessee increases the product value as per the distributor margin indicated by the mother dairy from time to time and he may decrease the margin as per shop to shop. 3. Amount available to the assessee is the net margin to the assessee as disclosed in the return of income. The returned income of Rs. 2,49,210....

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....oned that the assessee has not maintained the books of account and return is filed as per presumptive taxation basis..' The contention of the Appellant has been considered and the order of AO has also been perused. It is seen that the assessee has achieved a total turnover of Rs, 3,19,00,663/- in her business. This turnover figure has already been confirmed by Mother Dairy. The contention of the appellant that the return of income is filed on presumptive taxation basis is not applicable to this turnover figure, It has been held in the case of CIT Vs S.C. Naregal (Kar) 329 ITR 615 that Ignorance of law is no excuse and accordingly the Levy of penalty u/s 27IB was upheld. The AO has given detailed reason on page 2 of his....