Tax Audit Provisions Inapplicable to Fictional Income Under Sections 68 to 69D

Kumaraswamy Gangadharaiah Kallur Vs DCIT (ITAT Bangalore) The Income Tax Appellate Tribunal (ITAT), Bangalore, has ruled in favor of the assessee, Kumaraswamy Gangadharaiah Kallur, against the Principal Commissioner of Income Tax (Pr. CIT), Bangalore – 2. The appeal challenged the Pr. CIT’s order dated October 29, 2024, which sought to initiate penalty proceedings under Section 271B of the Income Tax Act, 1961, for the Assessment Year 2014-15. The core issue revolved around the late submission of the tax audit report and whether the Pr. CIT had the jurisdiction under Section 263 of the...