2024 (12) TMI 1783

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....Shri N J Vyas, Sr. DR. ORDER PER SUCHITRA KAMBLE, JM: The captioned appeal has been filed at the instance of the Assessee against the order dated 05.04.2024 passed by the National Faceless Appeal Centre(NFAC)/CIT(A), arising in the matter of penalty order passed under s. 271B of the Income Tax Act, 1961 (here-in-after referred to as "the Act") relevant to the Assessment Year 2012-13. 2....

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....ee, it revealed that the assessee has received contract receipt u/s. 194C to the tune of Rs. 1,32,30,498/-. After recording the reasons for reopening of the case and obtaining necessary approval from PCIT-4, Ahmedabad, the case was re-opened u/s. 147 of the Act. The reopened assessment proceedings was finalized u/s. 143(3) r.w.s 147 of the Act on 27.12.2018, determining the total income at Rs....

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....he assessee. 5. The Ld.AR submitted that the Ld.CIT (A) that the assessee has Audited his books of accounts and Audit report was received on 30.09.2012 from the Auditors. As per the provisions of section 44AB of the Act, in the assessment year 2012-13 the Audit report has to be filed with the return of income and the same was filed on 26.0.2013. The Ld.AR submitted that the Ld.CIT (A) erred in ....

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....respect of the accounts should be Audited in accordance with the provision of section 44AB of the Act, when the gross receipt exceeds the limit of Rs. 60,00,000/-. In the present case, it is not disputed that the assessee has audited his books of accounts as per the section 44AB of the Act. The only point remain is that the assessee filed the Audit report after filing of return of income i.e ....