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U/s 44AF of I.T.Act

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(Querist)
11 June 2011 ONE OF MY CLENT DECLARE LESS THAN 5 PROFIT IN RETAIL TRADE UNDER SECTION 44AF. BUT AT THE TIME OF SCRUTINY THE ITO MADE ASSESSMENT ON 5 PROFIT. AGAIN HE CHARGED PENALTY US 271A AND 271B.MY QUERY IS WHETHER THE ITO IS RIGHT/ WRONG.
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Rakesh Jain

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Rakesh Jain (Expert)
11 June 2011 Dear Sanjay,

If the Assessee has not maintained the books and had not audited his A/c than the action of ITO is Right.

With Regards,

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