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Section 271B

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Section 271B: How to Safeguard Against Audit Penalty

Income Tax : Dive into Section 271B's mandates, penalties, and exemptions under the Income Tax Act. Explore real cases, challenges, and strateg...

April 17, 2024 5142 Views 0 comment Print

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 confli...

November 29, 2023 1344 Views 0 comment Print

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 ...

July 25, 2023 475149 Views 4 comments Print

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...

June 11, 2022 46455 Views 7 comments Print

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 prosecu...

June 8, 2022 56801 Views 4 comments Print


Latest News


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...

January 13, 2022 4416 Views 1 comment Print


Latest Judiciary


No Penalty under Section 271B if Penalty Already Levied under Section 271A

Income Tax : Mumbai ITAT sets aside penalty under section 271B, citing previous penalty under section 271A for non-maintenance of accounts in H...

March 20, 2024 324 Views 0 comment Print

Penalty u/s. 271B for not getting books of accounts audited not leviable as reasonable cause shown: ITAT Jaipur

Income Tax : ITAT Jaipur held that assessee failed to get its books of accounts audited based on a reasonable cause. Accordingly, penalty under...

March 20, 2024 573 Views 0 comment Print

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

Income Tax : ITAT Mumbai held that exclusion of comparables for the reason that those companies are loss making or low profit making is not cor...

February 15, 2024 219 Views 0 comment Print

Kerala HC directs NFAC to expedite decision on stay application 

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

December 31, 2023 330 Views 0 comment Print

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

Income Tax : ITAT Delhi held that disallowance under section 40A(2)(b) of the Income Tax Act on merely estimating that more income should have ...

November 1, 2023 900 Views 0 comment Print


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

September 30, 2023 561 Views 0 comment Print

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

September 29, 2023 987 Views 0 comment Print

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

September 16, 2023 1149 Views 0 comment Print

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.

Payment towards interconnectivity utility charges from Indian customers not taxable as Royalty

September 9, 2023 702 Views 0 comment Print

ITAT Bangalore held that payments received towards interconnectivity utility charges from Indian customers / end users cannot be considered as Royalty to be brought to tax in India under section 9(1)(vi) of the Income Tax Act and also as per DTAA.

Section 263: Revisionary power cannot be initiated on the basis of audit objection

September 9, 2023 1278 Views 0 comment Print

An in-depth analysis of the case between Majestic Properties Pvt. Ltd and PCIT at ITAT Delhi. The case examines the limitations of revisionary power under section 263 based on audit objections. Discover key outcomes and implications.

Penalty imposed u/s 270A is appealable before CIT(A)

September 7, 2023 5277 Views 0 comment Print

ITAT Raipur held penalty imposed u/s. 270A of the Income Tax Act clearly falls within the realm of orders appealable before the CIT(Appeals) u/s. 246A of the Income Tax Act.

ITAT imposes Rs. 2,000 Cost for Non-Cooperation in Penalty Appeal

September 4, 2023 204 Views 0 comment Print

Analyzing the recent ITAT Jaipur ruling on Safiq Ahmad Vs ITO. Assessee penalized for failing to cooperate in penalty proceedings under Sections 271B & 271(1)(c) of the Act.

Cash Payment exceeding prescribed limit towards purchase of land disallowed as per section 40A(3)

September 4, 2023 1434 Views 0 comment Print

ITAT Ahmedabad held that payment of cash towards purchase of land exceeding the prescribed limit is duly disallowed under section 40A(3) of the Income Tax Act.

No Section 271B Penalty for Delayed Audit Report due to IBC Proceedings

August 29, 2023 588 Views 0 comment Print

ITAT Delhi determines if Bhushan Aviation’s audit report delay due to IBC proceedings warrants a penalty under the Income Tax Act section 271B.

ITAT Upholds Penalties u/s 271A & 271B for Bookkeeping & Tax Audit Lapses

August 17, 2023 7353 Views 3 comments Print

Read analysis of ITAT judgment in Saraswati Gupta vs. ITO case confirming penalties under sections 271A and 271B for not maintaining and auditing books of account. Learn about the outcome and reasoning.