\u00a0Assessee, a share broker, had earned commission income from sub-broker activity of shares and had also earned capital gains from purchase and sale of shares. Assessing Officer held\u00a0 that turnover of assessee from sale of shares was Rs. 6.06 crores.\u00a0 Accordingly, he levied penalty under section 271B for failure to get accounts audited in terms of provisions of section 44B. CIT(A) confirmed the penalty. On appeal the\u00a0 assessee contended that he being in business of sub-brokerage, only commission could be considered as income and not total receipts and\u00a0 sale consideration of shares sold by assessee on which it earned commission\/brokerage was not turnover, and could not be constitute its turnover. Tribunal held that\u00a0 it was only commission income earned by assessee which could be treated as its turnover and same falling well below limit prescribed by section 44AB for subjecting books of account to audit, there was no case for assessee to have got its books audited in terms of provisions of said section. Penalty levied under section 271B is\u00a0 deleted. (AY. 2016-17)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 271B : Penalty-Failure to get accounts audited-Share broker-Tax audit-Penalty-Commission income constitute turnover and not sale price of commodities-Penalty is deleted. [S.44B] <\/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-48808","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-cHe","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/48808","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=48808"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/48808\/revisions"}],"predecessor-version":[{"id":48809,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/48808\/revisions\/48809"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=48808"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=48808"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=48808"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}