Section 271A

Penalties and Prosecutions Under Income tax Act, 1961

Custom Duty - Penalties and Prosecutions Default in complying with provisions of or with conditions prescribed under the Income-tax Act would attract certain penalty and in critical cases prosecutions as well. The document will provide you information about the punishable offences, prosecutions and the quantum of penalties that can be imposed under the...

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Prosecutions and Punishment under Income Tax Act, 1961

Custom Duty - Apart from penalty for various defaults, the Income-tax Act also contains provisions for launching prosecution proceedings against the taxpayers for various offences. In this part you can gain knowledge about the various provisions relating to prosecution which can be launched under the Income-tax Act....

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Income Tax Offences liable to prosecution

Custom Duty - Apart from levy of penalty for various defaults by the taxpayer, the Income-tax Law also contains provisions for launching prosecution for offences committed by the taxpayer. In this part you can gain knowledge about offences in respect of which prosecutions can be launched under the Income-tax Law....

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Power of Commissioner to Reduce or Waive Income Tax Penalty

Custom Duty - In the tutorial on Penalties Under the Income-tax Act, we discussed various penalties imposable under the Income-tax Act in respect of various defaults. Apart from enacting penalty provisions...

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Penalties under Income-Tax Act, 1961

Custom Duty - Under the Income-tax Act, penalties are levied for various defaults committed by the taxpayer. Some of the penalties are mandatory and a few are at the discretion of the tax authorities. In this part, you can gain knowledge about the provisions relating to various penalties leviable under the Income-tax Act....

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Authority duty bound to refund excess duty paid because of an error in EDI system

Synergy Steels Ltd. Vs Commissioner of Customs (CESTAT Delhi) - CESTAT Delhi held that authority is not permitted to retain the excess amount paid by the appellant because of an error in EDI system. Authority is duty bound to refund such amount....

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No section 271B penalty when Assessee not Maintained Books of Account

Maranaikana Halli Jayashella Shetty Pradeepkumar Vs ACIT (ITAT Bangalore) - Maranaikana Halli Jayashella Shetty Pradeepkumar Vs ACIT (ITAT Bangalore) 271B Penalty- When the Assessee Has Not Maintained the Books of Account, There Is No Question of Getting the Books of Account Audited U/S 44AB Assessment was completed u/s 143(3) making  additions to the returned income u/s 4...

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When books of accounts are not maintained, levying penalty u/s 271B for not getting books audited unjustified

Lokesh Kumar Sharma Vs ITO (ITAT Jaipur) - ITAT Jaipur held that where no books of account are maintained, penalty should be imposed for non-maintenance of books of account u/s 271A of the Income Tax Act. However, in such circumstances imposing penalty u/s. 271B for not getting books of accounts audited is not justifiable....

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Penalty u/s 271B levied for non-furnishing of audit report without reasonable cause

Sh. Yasir Bilal Khan Vs DCIT (ITAT Amritsar) - Sh. Yasir Bilal Khan Vs DCIT (ITAT Amritsar) ITAT Amritsar held that penalty u/s 271B for non-furnishing of audit report within specified date leviable as assessee failed to prove nexus between non-completion of the audit report u/s. 44AB with the flood of Kashmir. Facts- The penalty was levied by t...

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Section 44AB: Turnover not include sales affected on behalf of principals

Devki Nandan Bindal Vs ITO (ITAT Delhi) - Devki Nandan Bindal Vs ITO (ITAT Delhi) The Board has clarified that the turnover does not include the sales affected on behalf of the principals and only the gross commission has to be considered for the purposes of section 44AB where the agents act only as an agent of his constituent and never act...

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Recent Posts in "Section 271A"

Authority duty bound to refund excess duty paid because of an error in EDI system

Synergy Steels Ltd. Vs Commissioner of Customs (CESTAT Delhi)

CESTAT Delhi held that authority is not permitted to retain the excess amount paid by the appellant because of an error in EDI system. Authority is duty bound to refund such amount....

Read More

No section 271B penalty when Assessee not Maintained Books of Account

Maranaikana Halli Jayashella Shetty Pradeepkumar Vs ACIT (ITAT Bangalore)

Maranaikana Halli Jayashella Shetty Pradeepkumar Vs ACIT (ITAT Bangalore) 271B Penalty- When the Assessee Has Not Maintained the Books of Account, There Is No Question of Getting the Books of Account Audited U/S 44AB Assessment was completed u/s 143(3) making  additions to the returned income u/s 44AD.  AO initiated penalty proceedings ...

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When books of accounts are not maintained, levying penalty u/s 271B for not getting books audited unjustified

Lokesh Kumar Sharma Vs ITO (ITAT Jaipur)

ITAT Jaipur held that where no books of account are maintained, penalty should be imposed for non-maintenance of books of account u/s 271A of the Income Tax Act. However, in such circumstances imposing penalty u/s. 271B for not getting books of accounts audited is not justifiable....

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Penalty u/s 271B levied for non-furnishing of audit report without reasonable cause

Sh. Yasir Bilal Khan Vs DCIT (ITAT Amritsar)

Sh. Yasir Bilal Khan Vs DCIT (ITAT Amritsar) ITAT Amritsar held that penalty u/s 271B for non-furnishing of audit report within specified date leviable as assessee failed to prove nexus between non-completion of the audit report u/s. 44AB with the flood of Kashmir. Facts- The penalty was levied by the ld. AO u/s. 271B of […]...

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Section 44AB: Turnover not include sales affected on behalf of principals

Devki Nandan Bindal Vs ITO (ITAT Delhi)

Devki Nandan Bindal Vs ITO (ITAT Delhi) The Board has clarified that the turnover does not include the sales affected on behalf of the principals and only the gross commission has to be considered for the purposes of section 44AB where the agents act only as an agent of his constituent and never acts as […]...

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No section 271B penalty if Assessee could not maintain books of accounts

Gurukrupa Developers Vs D.C.I.T. (ITAT Ahmedabad)

Gurukrupa Developers Vs DCIT (ITAT Ahmedabad) The learned AR before us inter-alia submitted that the books and other supporting documents of the assessee were impounded by the search team. Therefore, the assessee could not maintain proper books of accounts due to the reason beyond its control. When proper books of account were not availab...

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Penalties and Prosecutions Under Income tax Act, 1961

Penalties and Prosecutions Default in complying with provisions of or with conditions prescribed under the Income-tax Act would attract certain penalty and in critical cases prosecutions as well. The document will provide you information about the punishable offences, prosecutions and the quantum of penalties that can be imposed under the...

Read More
Posted Under: Custom Duty |

Prosecutions and Punishment under Income Tax Act, 1961

Apart from penalty for various defaults, the Income-tax Act also contains provisions for launching prosecution proceedings against the taxpayers for various offences. In this part you can gain knowledge about the various provisions relating to prosecution which can be launched under the Income-tax Act....

Read More
Posted Under: Custom Duty |

Income Tax Offences liable to prosecution

Apart from levy of penalty for various defaults by the taxpayer, the Income-tax Law also contains provisions for launching prosecution for offences committed by the taxpayer. In this part you can gain knowledge about offences in respect of which prosecutions can be launched under the Income-tax Law....

Read More

Power of Commissioner to Reduce or Waive Income Tax Penalty

In the tutorial on Penalties Under the Income-tax Act, we discussed various penalties imposable under the Income-tax Act in respect of various defaults. Apart from enacting penalty provisions...

Read More

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