Tag: penalty 271b

Penalty u/s 271B for unfilled column 40 in Form 3CD related to details regarding turnover, gross profit etc. for previous and preceding year deleted by ITAT In a recent judgment, ITAT has held that unfilled column 40 in Form 3CD related to details regarding turnover, gross profit etc. …

There is no bar in penalty u/s 271B for non-audit u/s 44AB if penalty u/s 271A is also levied for non-maintenance of books of accounts u/s 44AA – ITAT In a recent and interesting judgment, Guwahati ITAT has held that section 271B of the Income Tax Act does …

Penalty u/s 271B is not attracted in a case where books of account have not been maintained In a recent judgment, ITAT Allahabad has held that penalty under section 271B of the Income Tax Act, 1961 is not attracted in a case in which books of account have …

Once it is established that assessee has not maintained the books of account, same can not be audited – ITAT In a recent judgment, ITAT Jaipur quashed the levy of penalty u/s 271B for failure to get accounts audited u/s 44AB holding that once it is established that …

Penalty u/s 271B can not be levied in a case where tax audit report was furnished before completion of the assessment In a recent judgment, ITAT Cochin has held that penalty u/s 271B can not be levied for non furnishing of tax audit report within due date as …

Penalty u/s 271B confirmed for lack of proof that Books of accounts were destroyed by termite In a recent judgment, the ITAT Visakhapatnam has confirmed penalty u/s 271B holding that assessee was not able to submit any evidences to show that books of accounts were destroyed by white …

Penalty u/s 271B not leviable as assessee was under bona fide belief that he was not subject to tax audit In a recent judgment, the ITAT Agra has deleted Penalty u/s 271B where the assessee was under the bona fide belief that he was not subject to tax …

ITAT set aside Penalty u/s 271B as Tax Audit Report was not filed due to strained relationship with CA In a recent judgment, ITAT Nagpur has set aside Penalty u/s 271B as the assessee could not file Tax Audit Report due to strained relationship with Chartered Accountant. ABCAUS …

Penalty u/s 271B deleted as notices were uploaded on portal only, assessee being a divorcee lady could not access income tax portal In a recent judgment ITAT has deleted the penalty u/s 271B as the notices were uploaded on the portal only and assessee was a divorcee lady …

No Penalty u/s 271B for non Tax Audit when AO treated capital gain transaction as business income In a recent judgment, ITAT has deleted penalty u/s 271B for failure to get accounts audited u/s 44Ab of the Income Tax Act, 1961 (the Act) where Assessing Officer (AO) has …