2026 (1) TMI 1249

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....ed to as 'the Act') arising out of penalty order dated 25.01.2022 of Learned Assessing Officer/National Faceless Appeal Centre(NFAC), Delhi (hereinafter referred to as "Ld. AO") passed under section 271B of the Act in pursuance to assessment order dated 23.12.2019 under Section 143(3) of the Act for assessment year 2017-18. 2. Brief facts of the case are that the assessee filed return of income on 26.08.2017 declaring total income of Rs. 60,48,470/-. The assessee declared income under the head business/profession of Rs. 42,43,020/- and under the head 'other sources' of Rs. 19,84,063/-. The case was selected for scrutiny under CASS. Assessment order under Section 143(3) dated 23.12.2019 under Section 143(3) of the Act was passed accepting....

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....accounts. No Profit and Loss account or balance sheet was prepared since no accounts were maintained. These facts were mentioned in reply dated 09.12.2019. Penalty order states that accounts have not been audited, an extract of return has been referred which states that the assessee has stated that Accounts have been audited by an Accountant. The assessee has said 'Yes'. In fact, 'Yes' has been erroneously ticked as 'Yes'. However, another Extract of return mentioned that cash system of accounting was followed and no accounts have been maintained. No profit & Loss figures were shown as is required in an account's case. Complete return form is at page nos. 1 to 51 of papers books. Copy of letter dated 19.12.2019 is at page nos. 52 to 53 pf p....