Tds liability
This query is : Resolved
10 March 2016
Please enlighten on the matter.
Assessee's turnover as per his regular books of accounts for the A.Y. 2009-10 was Rs. 32.00 lacs but while income tax proceedings u/s 143(3) the Assessing Officer has detected some concealed transaction and due to this the turnover is enhanced to Rs. 48.00 lacs. Now the question is that :-
Is the assessee is liable for any penalty u/s 271B for non auditing of his books of accounts?
If No, please quote latest decision in favor of the assessee.
Assessee's turnover as per his regular books of accounts for the A.Y. 2009-10 was Rs. 32.00 lacs but while income tax proceedings u/s 143(3) the Assessing Officer has detected some concealed transaction and due to this the turnover is enhanced to Rs. 48.00 lacs. Now the question is that :-
Is the assessee is liable for any penalty u/s 271B for non auditing of his books of accounts?
If No, please quote latest decision in favor of the assessee.
10 March 2016
Yes he is liable if it is proved that business income was concealed which resulted in exceeding rs 40 lakhs.
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