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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


Penalty u/s 271B unsustainable on local authority not engaged in business or earning profit

June 16, 2023 456 Views 0 comment Print

ITAT Delhi held that assessee being a local authority is not engaged in business or earning profit, accordingly, penalty u/s 271B for not getting accounts audited unsustainable.

Penalty u/s 271B unsustainable as reasonable cause shown

June 14, 2023 1842 Views 0 comment Print

ITAT Delhi held that imposition of penalty under section 271B of the Income Tax Act unsustainable as reasonable cause shown for non-submission of audit report.

Penalty u/s 271B not leviable on local authority as it cannot be considered to be engaged in business

June 14, 2023 270 Views 0 comment Print

ITAT Delhi held that penalty under section 271B of the Income Tax Act not leviable as assessee is a local authority and it cannot be considered to be one engaged in ‘business’ or to be earning profit.

ITAT Pune Upholds Section 271B Penalty for Failure to File Audit Report

June 13, 2023 360 Views 0 comment Print

ITAT Pune upholds penalty under Section 271B against Santosh Swarupchand for not filing an audit report, citing contradictions in an accountant’s affidavit.

ITAT Deletes Section 271B Penalty: Non-Compliance of Notice not Always Deliberate

June 12, 2023 423 Views 0 comment Print

ITAT Kolkata deletes the penalty imposed on Devnadi Advisory Pvt. Ltd. due to alleged non-compliance of notice under section 271B of the Income Tax Act

Penalty u/s 271B not leviable as delay of one day due to technical letches is venial in nature

June 1, 2023 612 Views 0 comment Print

ITAT Jaipur held that penalty u/s 271B not leviable for mere delay of one day as such delay didn’t have any deliberate intention. The delay if any is on account the reasons on the technical letches on the portal and the same is venial in nature.

No Section 271B penalty for delay due to illness of a partner & hardware damage

May 25, 2023 696 Views 0 comment Print

ITAT Cochin held that delayed audit report, due to illness of a partner and hardware damage, constituted a technical venial breach that did not result in any loss to exchequer.

No section 271B Penalty for not getting audited due to bonafide belief of non-applicability of Tax Audit

May 18, 2023 558 Views 0 comment Print

Admittedly, the assessee had got the books of account audited for the first time for the relevant assessment year. Prior to the relevant assessment year, the assessee was under the bonafide belief that only the gross commission receipts are to be taken as turnover for the purpose of audit.

Section 271B Penalty Sustained even where Books of Accounts Not Maintained at all

May 17, 2023 5841 Views 1 comment Print

Explore the ITAT Ranchi ruling on penalty imposition for non-audit of books, analyzing the distinction between maintenance and audit requirements under Sections 44AA and 44AB of the Income Tax Act.

Section 271B Penalty – ITAT restores matter to CIT(A)

May 16, 2023 477 Views 0 comment Print

Shri Palabathuni Chandra Ravi Vs ITO (ITAT Hyderabad) Facts of the case, in brief, are that the assessee is an individual and filed his return of income electronically on 21.1.2018 declaring total income at Rs.6,21,210/-. During the course of assessment proceedings, it was noticed by the Assessing Officer that the assessee deposited a total of […]