2025 (3) TMI 212

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....een upheld. The Assessing Officer imposed penalty of Rs. 24,988/-, finding that the assessee had violated provisions of Section 269-T of the Act, by making repayment of a sum of Rs. 24,988/- in cash. Hence, this appeal. 2. Arguments heard. File perused. 3. Ld. AR for the appellant has submitted that while passing order as regards quantum assessment, the Assessing Officer was required to record satisfaction about violation of provisions of Section 269T read with section 271E of the Act, as regards the above said repayment in cash, but no such satisfaction was recorded before passing the penalty order, which has been upheld by Ld. CIT(A). Further, it has been contended that while recording satisfaction for initiation of penalty....

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....eing initiated separately. In this case the turnover of the assessee is Rs. 1,61,11,776/-which is above 1 crore. Hence the assessee is liable to maintain the books of accounts and audit of accounts of certain persons carrying on business or profession as per u/s 44AA/44AB of the Income tax Act, 1961. As such penalty proceedings u/s 271 A and u/s 2718 are initiated for non- maintenance of books of accounts and also for not getting the accounts audited. The assessee has furnished inaccurate particulars and has concealed income hence penalty proceedings u/s 271(1)(c) r.w. 274 are being initiated. *********************************************** Assessed u/s 143(3) of the Income tax Act, 1961 at a total income of Rs. 1....