Income Tax : Explore how seizure of documents can impact audit deadlines under Section 44AB and defenses against Section 271B penalties for aud...
Income Tax : Dive into Section 271B's mandates, penalties, and exemptions under the Income Tax Act. Explore real cases, challenges, and strateg...
Income Tax : Explore recent ITAT judgment in Rakesh Kr. Jha vs. ITO, delving into interpretation of Sections 271A and 271B, highlighting confli...
Income Tax : Learn about the penalties and prosecutions under the Income Tax Act of 1961 for various defaults and offenses. Find out the fines ...
Income Tax : Apart from penalty for various defaults, the Income-tax Act also contains provisions for launching prosecution proceedings against...
Income Tax : All Odisha Tax Advocates Association has filed an PIl before Orissa High Court with following Prayers- (i) Admit the Writ Petition...
Income Tax : ITAT Mumbai cancels ₹1 lakh penalty imposed on Sameer Mavji Patel under Section 271B for delayed tax audit report, citing reason...
Income Tax : ITAT Chennai confirmed penalty imposed under section 271B of the Income Tax Act for non-furnishing audit report, in absence of any...
Income Tax : Read the full text of the order from ITAT Agra where penalty u/s 271B was deleted for Tasavver Husain vs ITO. Detailed analysis an...
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...
Income Tax : Mumbai ITAT sets aside penalty under section 271B, citing previous penalty under section 271A for non-maintenance of accounts in H...
ITAT delete penalty levied for failure to get accounts audited and for filing tax audit report belatedly, on the grounds that the assessee was prevented by reasonable cause due to its pathetic condition and heavy losses incurred in its business.
When assessee entertained bona-fide belief that its account were not subject to audit u/s 44AB, it would certainly constitute reasonable cause for not obtaining the audit report and, therefore, question of imposing of penalty u/s 271B does not arise.
Bablu Kumar Harinarayan Gupta Vs ITO (ITAT Pune) ITAT held that it is not fit case for levy of penalty u/s 271B merely because the appellant was unable to substantiate the submission that the appellant is only commission agent because there is no obligation on the part of the assessee to get the accounts audited […]
Validity of the ICAI guidance for calculating the turnover in case of derivatives has been reiterated by various judicial precedence. ICAI as an expert body of accountants and guidance note on tax audit issued by them can be relied upon in absence of any statutory provision for computation of turnover in such cases.
The assessee pleaded a reasonable cause before the AO that the audit could not be carried out because of ill-health of his wife, which further worsened the family problems. Section 271B is subject to provisions of section 273B which provides that in case of a reasonable cause, penalty under the concerned section need not be imposed.
Devki Nandan Bindal Vs ITO (ITAT Delhi) The Board has clarified that the turnover does not include the sales affected on behalf of the principals and only the gross commission has to be considered for the purposes of section 44AB where the agents act only as an agent of his constituent and never acts as […]
Madhya Pradesh Audyogik Kendra Vikas Nigam (Indore) Limited Vs DCIT (ITAT Indore) The assessee has challenged the penalty to the tune of Rs.1,50,000/-levied under Section 271B of the Act. The assessee, a Government company, wherein appointment of Auditor in the case of the appellant was governed by the provision of section 619(2) of the Companies […]
Saravana Foundation Vs ITO (ITAT Chennai) Against levy of penalty under section 271B of the Act, the assessee has submitted the reasons for the delay in filing the audit report before the ld. CIT(A) that the accounts audited under section 44AB of the Act belatedly as the assessee was not keeping good health and the […]
Abha Rajesh Kapoor Vs PCIT (ITAT Mumbai) We find that the issue-in-dispute is whether there was any reasonable cause for failure on the part of the assessee in uploading the Tax Audit Report on the Income-tax portal. In terms of section 44AB, the assessee was required to audit and upload audit report along with return […]
If assessee was under bona fide belief that as per Guidance Note issued by ICAI on ‘tax audit under section 44AB’ net result in derivative transaction was to be considered as turnover and accordingly, he would not be liable to get his books audited as turnover did not exceed more than Rs. 1 crore, penalty levied under section 271B was to be deleted