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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

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

July 14, 2023 28071 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.

First year of applicability of Tax Audit – ITAT deletes Section 271B penalty

June 26, 2023 996 Views 0 comment Print

Explore the ruling in the case of Kartick Das Bairagya Vs ITO at ITAT Kolkata, which clarifies the conditions for non-imposition of penalty under Section 271B of the Income Tax Act.

No section 271B penalty when Tax Audit Report uploaded but ITR-V not verified

June 25, 2023 345 Views 0 comment Print

Understand the implications of the Jayaraj Charles Vs ITO case where ITAT Chennai ruled no penalty should be imposed under section 271B of the Income Tax Act when a return isn’t visible on the e-filing portal.

No Section 271B Penalty for delay due to Reasonable Causes

June 25, 2023 1695 Views 0 comment Print

Exploring recent decision of ITAT Mumbai in Rasik Nemchand Pethad Vs DCIT where it was determined that Section 271B penalty doesn’t apply when there’s reasonable cause for failure to comply with provisions.

ITAT upholds section 271B penalty despite non-maintenance of books

June 24, 2023 1365 Views 0 comment Print

Explore the recent judgement of ITAT Pune in the case of Rupa Sanjay Nigade Vs ITO, where the Tribunal upheld the imposition of penalty under Section 271B due to non-audit of books of accounts.

Difference in Non-Delivery Derivative Transactions to be taken for Turnover determination for Tax Audit

June 22, 2023 675 Views 0 comment Print

ITAT Delhi nullifies Section 271B penalty on Parag Jain, asserting that only difference in non-delivery derivative transactions should be taken into account when determining turnover for a tax audit.

Capital gain doesn’t form part of turnover for the purpose of section 44AB

June 21, 2023 2634 Views 0 comment Print

ITAT Surat held that assessee is not required to get his books of accounts audited under section 44AB of the Income Tax Act as capital gain, short term or long term, doesn’t form part of turnover. Accordingly, penalty under section 271B not leviable.

ITAT waives Penalty for Tax Audit Report delay due to Accountant’s Unavailability

June 20, 2023 459 Views 0 comment Print

In Deepak T. Dhanwani vs ITO, where ITAT Chennai waived penalty for delayed tax audit report due to accountant’s unavailability,

Penalty u/s 271B for non-filing of tax audit report not leviable if sufficient cause shown

June 17, 2023 5136 Views 0 comment Print

ITAT Amritsar held that non-filing of tax audit report due to technical glitch is the reasonable cause shown. Accordingly, penalty under section 271B of the Income Tax Act not leviable for such non-filing of tax audit report.

Penalty u/s 271B not leviable as turnover is below exemption limit prescribed u/s 44AB

June 17, 2023 1350 Views 0 comment Print

ITAT Kolkata held that penalty under section 271B of the Income Tax Act not leviable as turnover of the assessee is less than INR 1 Crore. Accordingly, the assessee is outside the purview of section 44AB of the Income Tax Act.