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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 5589 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 1470 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 481908 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 46833 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 57014 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 4419 Views 1 comment Print


Latest Judiciary


No Section 271B penalty if reasonable cause exist for delay in furnishing Tax Audit Report

Income Tax : Detailed analysis of the appeal against a penalty imposed under Section 271B of the Income Tax Act by the ITAT Delhi in the case o...

May 9, 2024 420 Views 0 comment Print

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 405 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 714 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 240 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 375 Views 0 comment Print


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

May 16, 2023 495 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 […]

Penalty order cannot be dismissed for settlement of Quantum addition under VSVS

May 13, 2023 861 Views 0 comment Print

Penalty was levied under section 271 B of the Act on the ground that tax audit report under section 44AB of the Act was not filed by the assessee before filing of return of income and no explanation was given.

No section 271B penalty for not getting Account Audited due to health issues

April 23, 2023 9393 Views 0 comment Print

Assessee was not keeping good health for which she was not in a position to obtain Audit Report in time, and, therefore, could not file before statutory due date

No Section 271B penalty if provisions of Section 44AB not applicable to assessee

April 22, 2023 1278 Views 0 comment Print

As the turnover of the assessee was less than the prescribed limit fixed for tax audit, provisions of Section 44AB of the Act are not applicable to the assessee. When the provisions of Section 44 AB of the Act are not applicable to the facts of the case, levy of penalty under Section 271B of the Act does not arise.

Once penalty for non-maintenance of books is levied then penalty for not getting books audited not leviable

April 21, 2023 1497 Views 0 comment Print

ITAT Jaipur held that once the penalty is levied for non-maintenance of book of accounts, there cannot be further default for not getting the same audited as required u/s 44AB of the Act.

No section 271B penalty when Assessee not Maintained Books of Account

April 19, 2023 1380 Views 2 comments Print

Maranaikana Halli Jayashella Shetty Pradeepkumar Vs ACIT (ITAT Bangalore) 271B Penalty- When the Assessee Has Not Maintained the Books of Account, There Is No Question of Getting the Books of Account Audited U/S 44AB Assessment was completed u/s 143(3) making  additions to the returned income u/s 44AD.  AO initiated penalty proceedings u/s 271A &  271B. […]

No section 271B penalty if non-audit was due to Bonafide Belief that Accounts need not be Audited

April 17, 2023 2175 Views 0 comment Print

Section 273B of the Act, squarely applies and since assessee has a reasonable cause for not getting books of account audited, he should not be visited by penalty u/s 271B

Penalty for not getting books audited not leviable once penalty for non-maintenance of books levied

April 10, 2023 1833 Views 0 comment Print

ITAT Jaipur held that once the penalty is levied for non-maintenance of book of accounts, there cannot be further default for not getting the same audited as required u/s 44AB of the Act and therefore, the penalty levied u/s 271B is not justified.

When public servant makes demand & bribe giver accepts & pays, it is obtainment u/s 13(1)(d) of P.C. Act

April 3, 2023 8445 Views 0 comment Print

Allahabad High Court held that when public servant himself makes a demand and demand is accepted by bribe giver and bribe is paid by the bribe giver, it is a case of obtainment under Section 13(1)(d)(i) and 13(1)(d)(ii) of the Prevention of Corruption Act, 1988.

When books of accounts are not maintained, levying penalty u/s 271B for not getting books audited unjustified

March 18, 2023 1530 Views 0 comment Print

ITAT Jaipur held that where no books of account are maintained, penalty should be imposed for non-maintenance of books of account u/s 271A of the Income Tax Act. However, in such circumstances imposing penalty u/s. 271B for not getting books of accounts audited is not justifiable.

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