The assessee transacted in shares and securities. The AO held that t the assessee had incurred total loss of Rs. 1,96,168.49 in the transactions but had not filed a return for the assessment year 2010-11 in response to the notice under S. \u00a0148\u00a0of the\u00a0Act. Therefore, he considered the loss as speculation loss and initiated penalty proceedings under S. \u00a0271B\u00a0for failing to get the accounts audited as required under S. \u00a044AB. Thereafter he levied penalty of Rs. 1,50,000. The CIT(A) confirmed \u00a0the penalty under \u00a0S. 271A\u00a0as well as under S. \u00a0271B of the Act. On appeal the Tribunal held that \u00a0when the AO found \u00a0that assessee was not maintaining books of account, penalty under S. \u00a0271B\u00a0for not getting the books audited could not be levied. Since the CT (A) had \u00a0exercised his co-terminous power to levy penalty under S. \u00a0271A\u00a0for failure to maintain books of account, the penalty was restricted to Rs. 25,000.(AY.2010-11)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 271B : Penalty-Failure to get accounts audited-Not maintaining books of account-Penalty for not getting books audited could not be levied \u2013Penalty for failure to maintain books of account is restricted to Rs. 25000. [S. 44AB, 271A] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-11068","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-2Sw","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/11068","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=11068"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/11068\/revisions"}],"predecessor-version":[{"id":11069,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/11068\/revisions\/11069"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=11068"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=11068"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=11068"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}