Section 271B

A Critical Appreciation of Ranchi Bench of ITAT in Rakesh Kr. Jha vs. ITO

Income Tax - Explore recent ITAT judgment in Rakesh Kr. Jha vs. ITO, delving into interpretation of Sections 271A and 271B, highlighting conflicting views among High Courts....

Penalties and Prosecutions Under Income tax Act, 1961

Income Tax - Learn about the penalties and prosecutions under the Income Tax Act of 1961 for various defaults and offenses. Find out the fines and imprisonment for non-compliance with tax regulations....

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....

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....

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...

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...

Loss or low profit cannot be reason for exclusion of comparables for computing ALP: ITAT Mumbai

Star Television Entertainment Ltd. Vs DCIT (ITAT Mumbai) - ITAT Mumbai held that exclusion of comparables for the reason that those companies are loss making or low profit making is not correct. Accordingly, TPO directed to include these comparables and re-compute the Arm’s Length Price (ALP)....

Kerala HC directs NFAC to expedite decision on stay application 

Chalakkal Antony Jose Valloor Vs ACIT (Kerala high Court) - Kerala High Court instructs prompt consideration of stay application in tax dispute involving non-filing of income return under Section 139 of Income Tax Act....

Section 40A(2)(b) Disallowance for Assumed Higher Sub-contracting Income is unsustainable

Tapi JWil JV Vs ITO (ITAT Delhi) - ITAT Delhi held that disallowance under section 40A(2)(b) of the Income Tax Act on merely estimating that more income should have been earned from sub-contracting without bringing any comparable figures is unsustainable in law....

ITAT Upholds Penalty on Charitable Institution for Tax Audit Violation

Vakrangee Foundation Vs Assessing Officer (ITAT Raipur) - Vakrangee Foundation faces a penalty for non-compliance with tax audit provisions under Section 44AB. ITAT rules that Section 2(15) does not exempt charitable institutions....

Exclusion of period taken for handing over seized material to AO effective only from 01.04.2021

Agni Estates and Foundations Private Limited Vs DCIT (Madras High Court) - Madras High Court held that clause (xi) to Explanation to Section 153B of the Income Tax Act relating to the exclusion of the period taken for handing over seized material to the assessing officer is effective prospectively from 01.04.2021. Accordingly, prior assessment years are held to be barred b...

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Recent Posts in "Section 271B"

Loss or low profit cannot be reason for exclusion of comparables for computing ALP: ITAT Mumbai

Star Television Entertainment Ltd. Vs DCIT (ITAT Mumbai)

ITAT Mumbai held that exclusion of comparables for the reason that those companies are loss making or low profit making is not correct. Accordingly, TPO directed to include these comparables and re-compute the Arm’s Length Price (ALP)....

Kerala HC directs NFAC to expedite decision on stay application 

Chalakkal Antony Jose Valloor Vs ACIT (Kerala high Court)

Kerala High Court instructs prompt consideration of stay application in tax dispute involving non-filing of income return under Section 139 of Income Tax Act....

A Critical Appreciation of Ranchi Bench of ITAT in Rakesh Kr. Jha vs. ITO

Explore recent ITAT judgment in Rakesh Kr. Jha vs. ITO, delving into interpretation of Sections 271A and 271B, highlighting conflicting views among High Courts....

Posted Under: Income Tax |

Section 40A(2)(b) Disallowance for Assumed Higher Sub-contracting Income is unsustainable

Tapi JWil JV Vs ITO (ITAT Delhi)

ITAT Delhi held that disallowance under section 40A(2)(b) of the Income Tax Act on merely estimating that more income should have been earned from sub-contracting without bringing any comparable figures is unsustainable in law....

ITAT Upholds Penalty on Charitable Institution for Tax Audit Violation

Vakrangee Foundation Vs Assessing Officer (ITAT Raipur)

Vakrangee Foundation faces a penalty for non-compliance with tax audit provisions under Section 44AB. ITAT rules that Section 2(15) does not exempt charitable institutions....

Exclusion of period taken for handing over seized material to AO effective only from 01.04.2021

Agni Estates and Foundations Private Limited Vs DCIT (Madras High Court)

Madras High Court held that clause (xi) to Explanation to Section 153B of the Income Tax Act relating to the exclusion of the period taken for handing over seized material to the assessing officer is effective prospectively from 01.04.2021. Accordingly, prior assessment years are held to be barred by limitation....

Penalty u/s 271B not leviable as benefit of presumptive taxation upto Rs. 2 Crores available

Subhash Chand Saini Vs ITO (ITAT Jaipur)

ITAT Jaipur held that penalty under section 271B of the Income Tax Act not leviable as the assessee is eligible to avail the benefit of presumptive taxation up to Rs. 2 Crores as per section 44D of the Income Tax Act....

No Section 271B Penalty without Assessee’s Reasonable Opportunity to be Heard

Evermore Polymer Systems Ltd. Vs CIT (ITAT Mumbai)

In a landmark decision, ITAT Mumbai rules in favor of Evermore Polymer Systems Ltd., stating that penalties under Section 271B require a reasonable opportunity to be heard....

Section 271B penalty not attracted if no books of account been maintained

Varadagovind Parthasarthy Iyer Vs ITO (ITAT Mumbai)

ITAT Mumbai ruling on penalty u/s.271B for non-maintenance of books of accounts by an assessee engaged in trading, financing, realty, and commodities business. Analysis of Varadagovind Parthasarthy Iyer vs ITO case....

Deduction u/s 80P(2)(d) available to cooperative society in respect of dividend received on shares of cooperative banks

Gramin Sewa Sahakari Samiti Maryadit Vs ITO (ITAT Raipur)

ITAT Raipur held that cooperative society is entitled for claiming deduction u/s. 80P(2)(d) of the Income Tax Act in respect of dividend received on shares of cooperative banks....

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