In absence of books of account, no penalty for non-Audit of books

Briefly stated, the facts of the case are that the assessee filed return declaring total income of Rs.2,05,267/- inclusive of salary and interest from two partnership firms. The AO got AIR information that the assessee had deposited a sum of Rs.1,23,71,885/- in two savings bank accounts maintained with the ICICI Bank. During the course of investigation, it was found that the assessee was having such four bank accounts in which deposits were made. Information was called for u/s 133(6) from these four banks, which divulged that there were cash deposits to the tune of Rs.1.26 crore and other cred...