Penalty U/s. 271A justified for Failure to maintain books of account in Violation of section 44AA

Vinita Ranka Vs ITO (ITAT Jaipur) There is no dispute that during the course of assessment proceedings the AO noted that the bank transactions including the deposit in the bank and outward transaction are more than Rs. 4 Crores. The assessee then filed revised computation of income and admitted the turnover of more than Rs. 4 Crores which shows that the assessee is not falling in the exclusion of provisions of maintaining the books of accounts as per provisions of section 44AD of the Income Tax Act. The Assessee has clearly violated the provisions of section 44AA of the Act when the turnover ...