No Penalty for failure to maintain books when Assessee submitted Audit Report & Audited Accounts

Aum Jewels Vs ITO (ITAT Delhi) We find Tax Audit Report in Form No. 3CD in all the Assessment Years under consideration. In our considered opinion, Audit Report and Audited Statement of Accounts are the outcome of books of account maintained by an assessee. If these documents are available, then it can be safely presumed that the assessee must have maintained proper books of account, which would enable the auditors to furnish audit report. With these conflicting facts, it would be proper and just to restore the quarrel to the files of the Assessing Officer. The assessee is directed to satisfy ...