Penalty u/s. 271B for not getting books of accounts audited not leviable as reasonable cause shown: ITAT Jaipur

Manphool Singh Vs ITO (ITAT Jaipur) ITAT Jaipur held that assessee failed to get its books of accounts audited based on a reasonable cause. Accordingly, penalty under section 271B of the Income Tax Act for failure to get books of account audited not leviable as assessee reasonable cause shown. Facts- During the assessment proceedings, it was noticed that the total turnover/gross receipts of the assessee was at Rs.1,29,00,787/-. Therefore, the assessee was required to get his accounts audited by an accountant but as per the records the accounts of the assessee were not got audited. Based on the...