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Section 271B

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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 1272 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 472218 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 46278 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 56741 Views 4 comments Print

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 respec...

June 8, 2022 61648 Views 2 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 303 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 525 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 204 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 888 Views 0 comment Print


Penalties and Prosecutions Under Income tax Act, 1961

July 25, 2023 472218 Views 4 comments Print

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.

No Section 272A(1)(c) penalty if Reasonable cause shown for delay in providing details

July 22, 2023 816 Views 0 comment Print

ITAT Mumbai held that penalty under section 272A(1)(c) not warranted as reasonable cause shown for delay in providing the details by the assessee and later in the end, the assessee had shared all the relevant details.

Delay in filing of tax audit report due to technical breach without mala fide intention doesn’t attract 271B penalty

July 21, 2023 1617 Views 0 comment Print

ITAT Chennai held that delay in filing of tax audit report due to dispute between the directors of the assessee company is just a technical breach without any malafide intention. Hence, penalty u/s 271B not leviable.

Penalty u/s 271B not leviable for venial technical breach without mala fide intention

July 21, 2023 600 Views 0 comment Print

ITAT Chennai held that penalty under section 271B of the Income Tax Act cannot be levied for venial technical breach without any mala fide intention of the assessee as tax audit report submitted before completion of assessment proceedings.

No Penalty for Non-Audit under Section 271B without Bookkeeping Requirement

July 20, 2023 1035 Views 0 comment Print

An analysis of the landmark case Taranjeet Singh Alagh vs ITO, in which the ITAT Delhi provides key clarifications on the penalties under section 271B of the Income Tax Act relating to account audits and book maintenance.

No Penalty under Section 271B for Delayed Tax Audit (Auditor Unwell)

July 16, 2023 1245 Views 0 comment Print

A significant ITAT Kolkata ruling declares no penalty for delayed filing of books of account due to reasonable causes under Section 273B of Income Tax Act, 1961. Explore the details of this precedent-setting case.

Income treated as income from other source not to be considered for applicability of section 44AB

July 15, 2023 9654 Views 0 comment Print

ITAT Visakhapatnam held that penalty u/s 271B of the Income Tax Act not imposable as provision of section 44AB of the Income Tax Act doesn’t apply to income that is treated as income from other sources.

ITAT upholds penalty for failure to furnish audit report without reasonable cause

July 14, 2023 630 Views 0 comment Print

The ITAT Cochin has upheld the penalty imposed on Paravur Service Cooperative Bank for its failure to furnish the audit report of its accounts audited by the Cooperative Department Auditor within the specified date under Section 44AB of the Income Tax Act.

Penalty Dropped for Non-Auditing Due to Bona Fide Belief in Audit Inapplicability

July 14, 2023 822 Views 0 comment Print

An ITAT ruling in the case of Bhartiya Shiksha Prachar Samiti vs DCIT highlights the application of Section 11 of the Income Tax Act and its implications for auditing requirements. Learn more about the details and impacts of this landmark case.

Section 44AB: No Audit Required for Assessee not maintaining Books of Account

July 14, 2023 28062 Views 2 comments Print

ITAT Bangalore has ruled in Bandenawaz Mulla vs. ACIT that no audit can be conducted under section 44AB of Income Tax Act when assessee has not maintained books of account.