Held, that the assessee had received a grant of Rs. 81.38 lakhs from the Government of Maharashtra and the turnover of milk and cattle feed stood at Rs. 84.34 lakhs. It had maintained proper books of account as prescribed under the provisions of Maharashtra Co-operative Societies Act, 1960 which were duly audited according to the provisions of that Act. The grant-in-aid received from the Government of Maharashtra was at predetermined rates and tax had been deducted at source thereon under section\u00a0194C. If the amount of grant-in-aid was excluded, the regular turnover of the assessee was below the limit specified under section\u00a044AB. The assessee got its accounts audited under the Co-operative Societies Act. Prima facie the assessee entertained a bona fide belief that the amount of grant-in-aid received was not includible for the purposes of computing turnover under section\u00a044AB.\u00a0Thus, there was a reasonable cause for the assessee in not getting the accounts audited under section\u00a044AB\u00a0and since the penalty section was covered under section\u00a0273B, penalty under section\u00a0271B\u00a0was not required to be levied. (AY.2014-15)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 271B : Penalty-Failure to get accounts audited-Co-Operative Society-Receipt of Grant-In-Aid from Government of Maharashtra at predetermined rates on which tax deducted at source-Accounts audited under Co-Operative Societies Act-If amount of grant-in-aid excluded, turnover below limit specified-Reasonable cause for not getting accounts audited-Levy of penalty is not valid. [S. 44AB, 273B] <\/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":[21],"tags":[],"class_list":["post-28934","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-7wG","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/28934","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=28934"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/28934\/revisions"}],"predecessor-version":[{"id":28935,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/28934\/revisions\/28935"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=28934"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=28934"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=28934"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}