Case Law Details
Anju Chamaria Vs ITO (ITAT Kolkata)
ITAT find that the AO imposed penalty for not getting the accounts audited as according to the AO turnover exceeds the threshold limit as prescribed u/s 44AB of the Act. We note that the assessee is doing non-delivery-based transactions and in such case the turnover has to be determined on the basis of the net of sales and purchase of shares. Further the default committed by the assessee is of technical nature and the AO was not handicapped for want of tax audit report while making assessment under appeal.
ITAT was of the view that there is no requirement for getting the accounts audited u/s 44AB of the Act as the turnover is less than the prescribed limit. Accordingly, we set aside the order of Ld. CIT(A) and direct the AO to delete the penalty which he levied under section 271B.
FULL TEXT OF THE ORDER OF ITAT KOLKATA
This appeal filed by the assessee for A.Y. 2015-16 against the order dated 28.07.2020 passed by the Ld. CIT(A) – 13, Kolkata. The assessee in this appeal has taken the following grounds:
Please become a Premium member. If you are already a Premium member, login here to access the full content.
