DEEPSHREE BUILDCON LTD. Vs. THE ACIT

JUDGEMENT

(1.) THIS is an appeal filed by the assessee against the order of the ld. CIT(A), Kota dated 20 -01 -2012: the solitary issue agitated by the assessee pertains to imposition of penalty of Rs. 90,000/ - u/s. 271(1)(c) of the Act.

(2.) 1 Brief facts of the case are that the assessee is engaged in the business of real estate including repair and reconstruction of all types of building and sale and purchase of land. Regular books of accounts are maintained which are audited u/s. 44AB. During the course of assessment proceedings, the AO observed that the assessee could not furnish some of the vouchers and WIP stock details as finely required by him. The assessee filed explanation in this behalf dated 26 -12 -2008 contending that the books of account were duly audited under the Companies Act as well as Income Tax Act u/s. 44AB. The record has been maintained to the maximum possible extent. The valuation of work in progress has been done by way of physical verification. Looking at the nature of the assessee's business, it was not possible to maintain the minute details which were being asked for, however in the conclusion of the letter, assessee stated as under.