Dismissing the appeal of the assessee the Tribunal held that assessee, engaged in providing accommodation entries to entry seekers on commission basis, gross amount received had to be taken into consideration for computing monetary limit of Rs.40 lakhs as specified under section 44AB and not commission income earned by him. Accordingly the levy of penalty is held to be justified. (AY. 2002-03, 2006 -07, 2007 -08)
Mukesh Choksi v. ACIT (OSD) (2019) 175 ITD 394 (Mum.)(Trib.)
S. 271B : Penalty-Failure to get accounts audited-Accommodation entries–Gross amount received to be considered for computing monetary limits of Rs. 40 lakhs and not the commission earned by him –levy off penalty is held to be justified. [S. 44AB]