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Section 271B

Latest Articles


Seizure-Induced Audit Delays: A Defense Against Section 271B Penalties

Income Tax : Explore how seizure of documents can impact audit deadlines under Section 44AB and defenses against Section 271B penalties for aud...

August 13, 2024 297 Views 0 comment Print

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 6429 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 1689 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 488244 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 47616 Views 7 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 4467 Views 1 comment Print


Latest Judiciary


ITAT Mumbai Cancels Penalty Under Section 271B for Late Audit Report

Income Tax : ITAT Mumbai cancels ₹1 lakh penalty imposed on Sameer Mavji Patel under Section 271B for delayed tax audit report, citing reason...

August 13, 2024 327 Views 0 comment Print

Penalty u/s 271B confirmed as sufficient cause not shown for non-furnishing of audit report: ITAT Chennai

Income Tax : ITAT Chennai confirmed penalty imposed under section 271B of the Income Tax Act for non-furnishing audit report, in absence of any...

July 30, 2024 177 Views 0 comment Print

No section 271B penalty if reasonable cause exist or if assessee establishes its bonafides

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...

June 13, 2024 1095 Views 0 comment Print

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 726 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 825 Views 0 comment Print


Penalty not leviable if there is reasonable cause for failure to get accounts audited

February 23, 2023 1659 Views 0 comment Print

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.

No section 271B penalty for Non fling of tax audit report due to Reasonable cause

January 23, 2023 2715 Views 0 comment Print

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.

ITAT deletes Section 271B penalty imposed by AO on commission agent

January 6, 2023 7083 Views 0 comment Print

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 […]

ICAI guidance for calculating turnover in case of derivatives is valid

January 5, 2023 23379 Views 0 comment Print

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.

ITAT deletes penalty for Failure to get Accounts Audited due to ill health of Wife

January 1, 2023 864 Views 0 comment Print

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.

Section 44AB: Turnover not include sales affected on behalf of principals

December 31, 2022 684 Views 0 comment Print

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 […]

Section 271B penalty not justified for delay due to late appointment of Auditor by CAG

November 23, 2022 1200 Views 0 comment Print

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 […]

ITAT deletes penalty for delay in submission of Tax Audit as Assessee was unwell & his Accountant left without prior notice

November 6, 2022 741 Views 0 comment Print

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 […]

Failure to upload Tax Audit Report due to demise of Auditor is a reasonable cause

November 6, 2022 1044 Views 0 comment Print

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 […]

No penalty for non-getting account audited under bona fide belief based on ICAI Guidance Note on tax audit

November 4, 2022 7068 Views 0 comment Print

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

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