Section 271B

Penalties and Prosecutions Under Income tax Act, 1961

Income Tax - 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

Income Tax - 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

Income Tax - 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

Income Tax - 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

Income Tax - 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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AOTAA files PIL before Orissa HC on the issue of late fee, interest & penalty under Income Tax

Income Tax - All Odisha Tax Advocates Association has filed an PIl before Orissa High Court with following Prayers- (i) Admit the Writ Petition; (ii) Issue notice to the opposite parties as to why writ in the nature of certiorari shall not be issued quashing/striking down “Clarification 1” given in Circular dated 09.09.2021 in respect of Section 2...

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Section 271B penalty not justified for delay due to late appointment of Auditor by CAG

Madhya Pradesh Audyogik Kendra Vikas Nigam (Indore) Limited Vs DCIT (ITAT Indore) - Madhya Pradesh Audyogik Kendra Vikas Nigam (Indore) Limited Vs DCIT (ITAT Indore) The assessee has challenged the penalty to the tune of Rs.1,50,000/-levied under Section 271B of the Act. The assessee, a Government company, wherein appointment of Auditor in the case of the appellant was governed by ...

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ITAT deletes penalty for delay in submission of Tax Audit as Assessee was unwell & his Accountant left without prior notice

Saravana Foundation Vs ITO (ITAT Chennai) - Saravana Foundation Vs ITO (ITAT Chennai) Against levy of penalty under section 271B of the Act, the assessee has submitted the reasons for the delay in filing the audit report before the ld. CIT(A) that the accounts audited under section 44AB of the Act belatedly as the assessee was not keeping goo...

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Failure to upload Tax Audit Report due to demise of Auditor is a reasonable cause

Abha Rajesh Kapoor Vs PCIT (ITAT Mumbai) - Abha Rajesh Kapoor Vs PCIT (ITAT Mumbai) We find that the issue-in-dispute is whether there was any reasonable cause for failure on the part of the assessee in uploading the Tax Audit Report on the Income-tax portal. In terms of section 44AB, the assessee was required to audit and upload audit repor...

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No penalty for non-getting account audited under bona fide belief based on ICAI Guidance Note on tax audit

Sachin Marotrao Rangari Vs ACIT (ITAT Rajkot) - If assessee was under bona fide belief that as per Guidance Note issued by ICAI on 'tax audit under section 44AB' net result in derivative transaction was to be considered as turnover and accordingly, he would not be liable to get his books audited as turnover did not exceed more than Rs. 1 crore, p...

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Section 271B penalty notice after 30 months of completion of assessment is not sustainable

Jila Sahakari Kendriya Bank Maryadit Vs ITO (ITAT Raipur) - Levy of penalty by the assessing officer after passage 30 months after the completion of the assessment, we are of the opinion that the penalty proceedings are barred by limitation and consequently penalties levied under section 271B cannot be sustained...

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Recent Posts in "Section 271B"

Section 271B penalty not justified for delay due to late appointment of Auditor by CAG

Madhya Pradesh Audyogik Kendra Vikas Nigam (Indore) Limited Vs DCIT (ITAT Indore)

Madhya Pradesh Audyogik Kendra Vikas Nigam (Indore) Limited Vs DCIT (ITAT Indore) The assessee has challenged the penalty to the tune of Rs.1,50,000/-levied under Section 271B of the Act. The assessee, a Government company, wherein appointment of Auditor in the case of the appellant was governed by the provision of section 619(2) of the C...

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ITAT deletes penalty for delay in submission of Tax Audit as Assessee was unwell & his Accountant left without prior notice

Saravana Foundation Vs ITO (ITAT Chennai)

Saravana Foundation Vs ITO (ITAT Chennai) Against levy of penalty under section 271B of the Act, the assessee has submitted the reasons for the delay in filing the audit report before the ld. CIT(A) that the accounts audited under section 44AB of the Act belatedly as the assessee was not keeping good health and the […]...

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Failure to upload Tax Audit Report due to demise of Auditor is a reasonable cause

Abha Rajesh Kapoor Vs PCIT (ITAT Mumbai)

Abha Rajesh Kapoor Vs PCIT (ITAT Mumbai) We find that the issue-in-dispute is whether there was any reasonable cause for failure on the part of the assessee in uploading the Tax Audit Report on the Income-tax portal. In terms of section 44AB, the assessee was required to audit and upload audit report along with return […]...

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No penalty for non-getting account audited under bona fide belief based on ICAI Guidance Note on tax audit

Sachin Marotrao Rangari Vs ACIT (ITAT Rajkot)

If assessee was under bona fide belief that as per Guidance Note issued by ICAI on 'tax audit under section 44AB' net result in derivative transaction was to be considered as turnover and accordingly, he would not be liable to get his books audited as turnover did not exceed more than Rs. 1 crore, penalty levied under section 271B was to ...

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Section 271B penalty notice after 30 months of completion of assessment is not sustainable

Jila Sahakari Kendriya Bank Maryadit Vs ITO (ITAT Raipur)

Levy of penalty by the assessing officer after passage 30 months after the completion of the assessment, we are of the opinion that the penalty proceedings are barred by limitation and consequently penalties levied under section 271B cannot be sustained...

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Section 271B penalty not imposable for non-business income transactions

Lalit Sakalchand Gandhi Vs ACIT (ITAT Pune)

AR contends that there were no sales or purchase made by the assessee during the year under consideration and the additions made on account of unexplained cash deposits, unexplained investments, unexplained other investments and unexplained profit on sale of land to an extent of Rs.15,40,26,567/- is not turnover as the investments and sal...

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No penalty for Bonafide Non-compliance with section 44AB Tax Audit Requirement

Senapati Satija Vs ACIT (ITAT Delhi)

Senapati Satija Vs ACIT (ITAT Delhi) In Section 271B of the Act, the discretion has been given to the Assessing Officer to direct the assessee to pay by way of penalty a sum equal to one-half percent of the total sales etc. etc. The provisions empower the Assessing Officer to levy the penalty as per […]...

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No penalty for Delay in Tax Audit report filing due to delay in Audit by Dept. of Co-op Audit

T P D 101 Uthangarai Milk- Producers Co-operative Society Ltd. Vs ITO (ITAT Chennai)

T P D 101 Uthangarai Milk- Producers Co-operative Society Ltd. Vs ITO (ITAT Chennai) The assessee supposed to have been filed audit report as required u/s.44AB of the Act, on or before 31.10.2015. However, such audit report has been filed on 05.03.2016, which is before the date of completion of assessment proceedings u/s.143(3) of the [&h...

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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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No section 271B penalty for delay due to appointment of new Auditor

R.R. Kapoor Vs ITO (ITAT Pune)

The new auditor, as per the established procedure, sought a no objection from the earlier auditor, who raised certain objections. Those issues were resolved later on, which led to the delay in the audit of the accounts of the assessee....

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