No section 271B penalty if Assessee could not maintain books of accounts

Gurukrupa Developers Vs DCIT (ITAT Ahmedabad) The learned AR before us inter-alia submitted that the books and other supporting documents of the assessee were impounded by the search team. Therefore, the assessee could not maintain proper books of accounts due to the reason beyond its control. When proper books of account were not available, the question of getting the same audited in prescribed time limit does not arise. Therefore, there cannot be any penalty under section 271B of the Act for not maintaining the books of accounts. Admittedly the books and other material were not available wit...