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Section 271B penalty quashed as Revenue Misinterprets Gross receipt of agent as Sales
Case Law Details
- Case Name
- Sh. Nikki Tyagi Vs ITO (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-16
- Courts
- All ITAT, ITAT Delhi
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Sh. Nikki Tyagi Vs ITO (ITAT Delhi)
The case of Sh. Nikki Tyagi vs. Income Tax Officer (ITO) addressed a penalty imposed under Section 271B of the Income Tax Act due to a turnover exceeding the threshold requiring an audit. Tyagi, a distributor for Mother Dairy, filed a return under presumptive taxation, declaring income from commission-based transactions without maintaining formal books. The Assessing Officer (AO) determined Tyagi’s total turnover as ₹3.19 crore, which exceeded ₹1 crore, and hence required an audit under Section 44AB. The AO levied a penalty of ₹1.5 lakh for non-audit...
