BAJRANG OIL MILLS Vs. INCOME TAX OFFICER

JUDGEMENT

(1.) ASSESSEE -appellant under s. 271B for failure on the part of the assessee to get its accounts audited and obtain the report of such audit before the date prescribed under s. 44AB. at Rs. 35,38,266.58 and receipts for job work done by him at Rs. 5,57,879.40.

(2.) SINCE the gross receipt of the assessee from the sales and the job work done by him exceeded Rs. 40 lakhs, the AO opined that the assessee was under an obligation to get the accounts audited.

(3.) THE assessee's contention was that since under s. 44AB, three expressions (i) 'total sales', (ii) 'turnover' and (iii) 'gross receipts' are used by legislature each of them are independent criteria and one does not overlap the other.