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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All about 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. For provisions relating to punishment c...

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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 the 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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Penalty U/s. 271B not leviable if Assessee had Bona fide belief that accounts not liable for audit U/s. 44AB

United Education Society, C/o NIMT College Vs JCIT (ITAT Delhi) - United Education Society Vs JCIT (ITAT Delhi)  Undisputedly, the assessee society is registered under section 12A of the Act as a charitable trust engaged in charitable activities for imparting education through its colleges. It is also not in dispute that the assessee society has been claiming exe...

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S. 271B No penalty for non-furnishing of audit report within due date if same was obtained before due date

Mr Prem Prakash Senapati Vs ITO (ITAT Cuttack) - We find that the audit report was obtained within section 139(1) time limit is not in dispute. It is also not in dispute that the copy of audit report was furnished to the Assessing Officer as and when the Assessing Officer called for the same. ...

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Penalty cannot be levied for non-audit of books of Account if penalty already been levied for non-maintenance of books

Roshni Devi Vs Income Tax Officer (ITAT Jaipur) - These are the three appeals filed by the assessee against the respective orders of the ld. CIT(A)-I, Jaipur dated 05/09/2017 for the A.Y. 2011-12 wherein the assessee has challenged the action of the Assessing Officer in levying the penalty U/s 271(1)(c), ...

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No Penalty U/s. 271B if assessee maintained books of account

Mohd. Imtiyaz Khan Prop Vs Income Tax Officer (ITAT Lucknow) - Whether penalty under section 271B of the Act could be levied in a case where the books of account were maintained by the assessee. The Hon'ble jurisdictional High Court in that case held that where no account has been maintained, section 271B does not get attracted and instead recourse under sectio...

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No penalty u/s 271B if appellant had bonafide belief

Dr. Shantanu Datta Vs ITO (ITAT Kolkata) - Hon'ble Kolkata ITAT has deleted penalty u/s 271B in the case of Dr. Shantanu Datta in I.T.A. No. 261/Kol/2017 as there was a bona fide belief entertained by the assessee in the facts and circumstances of the case and the same constituted a reasonable cause for the failure of the assessee to compl...

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Recent Posts in "Section 271B"

Penalty U/s. 271B not leviable if Assessee had Bona fide belief that accounts not liable for audit U/s. 44AB

United Education Society, C/o NIMT College Vs JCIT (ITAT Delhi)

United Education Society Vs JCIT (ITAT Delhi)  Undisputedly, the assessee society is registered under section 12A of the Act as a charitable trust engaged in charitable activities for imparting education through its colleges. It is also not in dispute that the assessee society has been claiming exemption under section 11 of the Act on th...

Read More

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: Income Tax |

S. 271B No penalty for non-furnishing of audit report within due date if same was obtained before due date

Mr Prem Prakash Senapati Vs ITO (ITAT Cuttack)

We find that the audit report was obtained within section 139(1) time limit is not in dispute. It is also not in dispute that the copy of audit report was furnished to the Assessing Officer as and when the Assessing Officer called for the same. ...

Read More

Penalty cannot be levied for non-audit of books of Account if penalty already been levied for non-maintenance of books

Roshni Devi Vs Income Tax Officer (ITAT Jaipur)

These are the three appeals filed by the assessee against the respective orders of the ld. CIT(A)-I, Jaipur dated 05/09/2017 for the A.Y. 2011-12 wherein the assessee has challenged the action of the Assessing Officer in levying the penalty U/s 271(1)(c), ...

Read More

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: Income Tax |

No Penalty U/s. 271B if assessee maintained books of account

Mohd. Imtiyaz Khan Prop Vs Income Tax Officer (ITAT Lucknow)

Whether penalty under section 271B of the Act could be levied in a case where the books of account were maintained by the assessee. The Hon'ble jurisdictional High Court in that case held that where no account has been maintained, section 271B does not get attracted and instead recourse under section 271A can be taken. ...

Read More

All about 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. For provisions relating to punishment c...

Read More
Posted Under: Income Tax | ,

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
Posted Under: Income Tax | ,

Penalties under the Income-Tax Act, 1961

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....

Read More
Posted Under: Income Tax | ,

No penalty u/s 271B if appellant had bonafide belief

Dr. Shantanu Datta Vs ITO (ITAT Kolkata)

Hon'ble Kolkata ITAT has deleted penalty u/s 271B in the case of Dr. Shantanu Datta in I.T.A. No. 261/Kol/2017 as there was a bona fide belief entertained by the assessee in the facts and circumstances of the case and the same constituted a reasonable cause for the failure of the assessee to comply with the requirement of section 44AB. ...

Read More
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