which
exceeds Rs. 60 lacs as specified in section 44AB of the Act and the assessee
has not got his accounts audited as required. Apparently ... more than Rs. 60 lacs and as
per the provisions of section 44AB, the assessee has to get his accounts
audited by Chartered Accountant
completed on 15-03-2011. The tax audit as
required u/s. 44AB of the Act could not be completed before ... delay in obtaining the audit report u/s. 44AB of the I.T Act are
attributable to these reasons which beyond the control of assessee
audit of the same as
per the provisions of Section 44AA and 44AB of the Act respectively. So
far as the appeal before ... then no
penalty can be levied for violation of Section 44AB of the Act.
5. On the other hand, ld. DR has relied upon
entitled to the exemption
under Section 194-I in view of Section 44AB of
the Act ?
3. The facts in brief are that the assessee ... trust, it would come
within the exception under Section 194-I and 44AB of the
Act and therefore, has no liability to deduct
relevant year on 31.03.2015, also uploading the tax audit report
u/s. 44AB (dated 31.03.2015) on the same day. The same was, in terms ... 2017(AY 2014-15)
Ramesh Kumar v. ITO
44AB , required to be obtained and furnished (to the Income Tax Department) by
the due date
from other sources.
3.2 The Assessing Officer observed that according to Sec. 44AB of the I.T. Act,
1961 any person carrying on business where ... individuals unless he is a person liable to tax audit u/s 44AB of the I.T. Act
1961 and in this case, the assessee
four
years under consideration had exceeded the amounts specified under
section 44AB of the Act and the assessee had failed to get his books ... account audited before the due date as required by section 44AB ,
penalty proceedings under section 271B of the Act were initiated
filing Tax
Audit Report U/s. 44AB(a) of I. T. Act before due date.
2. That the appellant craves leave to add, to alter ... return of income.
5. As per Section 44AB(a) of the IT. Act, every person carrying on business shall,
if his total -turnover or gross
same
to his total income even though the provisions of Sec. 44AB were not applicable to
the assessee during this year.
2. The Learned ... even though the provision of
section 44AB were not applicable during the year under
consideration.
4. The facts in brief are that the AO during
failed
to produce the books of account and audit report under section
44AB and therefore, A.O. initiated the penalty proceedings
under section 271B ... therefore,
concluded that assessee had violated the provisions of Section
44AB and levied the penalty of Rs.1 lakh.
3. The assessee challenged the penalty
