Tag: penalty 271b

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 …

Turnover in respect of speculation business is only net difference of independent transactions In a recent judgment, ITAT has held that turnover in respect of derivative trading is to be reckoned as only which may be positive or negative difference for independent transactions. ABCAUS Case Law Citation:ABCAUS 3847 …

Penalty u/s 271B deleted where accountant handling accounts suddenly left the job but assessee furnished audit report before completion of assessment. ABCAUS Case Law Citation:ABCAUS 3768 (2023) (06) ITAT In the instant case, the assessee had challenged the order passed by the The National Faceless Appeal Centre (NFAC)/ …

Penalty u/s 271B deleted as assessee was not aware that section 44AB related to Tax Audit was applicable to him as he was only a commission agent ABCAUS Case Law Citation:ABCAUS 3757 (2023) (05) ITAT In the instant case, the assessee had challenged the order passed by the …

AO can not question genuineness of medical certificate unless he has some material to counter it – ITAT deletes penalty u/s 271B ABCAUS Case Law Citation:ABCAUS 3722 (2023) (04) ITAT Important Case Laws relied upon:Balaji Logistics vs. ACIT In the instant case, the assessee had challenged the order …