2025 (10) TMI 751

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....order passed by Assessing Officer (in short "the AO") u/s 271B of the Income Tax Act, 1961 . 2. At the outset, the Learned Counsel for the assessee, begins by pointing out that the appeal filed by the assessee is against the penalty, imposed by the assessing officer under section 271B of the Act. The Assessing Officer, imposed the penalty u/s 271B of the Act, stating that assessee failed to get his accounts audited, by a chartered accountant, despite the fact that assessee`s turnover was more than Rs. 40,00,000/-. Therefore, the Assessing Officer stated that assessee did not make the compliance of provisions of section 44AB of the Act. The ld Counsel further stated that the turnover, which was stated by the assessing officer to be belong....

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....the assessing officer, as if, it is turnover of the assessee, was not really turnover of the assessee and hence the assessee is not liable to get his accounts audited under section 44AB of the Act. I note that Learned CIT(A) in assessee's case, for assessment year 2008-09, while passing the order dated 19.07.2021, vide DIN and order No: ITBA/NFAC/S/250/2022-23/1043930189(1), has deleted the quantum addition of Rs. 42,45,630/-, observing as follows: "I have carefully considered the facts, mentioned in the assessment order and submission of the appellant along with several case laws and judicial pronouncement in support of his contention. There is apparent merit in the submission and force in the arguments of appellant. The above....