19 May 2009
One assessee having turnover of more than 40 Lakhs didnot audited his account, filled IT Return for A.Y.2005-06 on 30th July 2005.The return was processed u/s. 143(1) on 10 April 2006.Show cause notice u/s 274 r.w. Sec. 271B was issued by ACIT on 15June 2006. ACIT passed penalty order on 30Jan.2007. Whether penalty order is passed within limitation u/s.275?, If assessee does not maintain books of account,then what will happen?, What other way you suggest?..
19 May 2009
Penalty order is with in time prescribed u/s 275. If assessee doesn't maintain books of accounts penalty u/s 271A will sustain and 271B penalty will not withstand.
Citation:-CIT Vs. Bisauli Tractors (2008)299 ITR 219(All)
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