Tag: Penalty u/s 271A
Assessing agriculture income as business income no basis for imposing penalty u/s 271A as it would not ipso facto lead to conclusion that assessee was aware of the requirement maintaining books of accounts u/s 44AA ABCAUS Neutral Case Law Citation:ABCAUS 3677 (2023) (02) ITAT In the instant case, …
Penalty 271A cannot be sustained when assessee was not covered under Rule 6F assessee furnished adequate information to enable AO to compute income ABCAUS Case Law Citation: ABCAUS 2951 (2019) (05) ITAT Important Case Laws Cited/relied upon by the parties Mehta Parvesh vs. ITO 60 TTJ (Del) 278 …
If books of account not maintained penalty u/s 271B cannot be levied for non audit u/s 44AB. ITAT deleted penalty u/s 271B and sustained penalty u/s 271A ABCAUS Case Law Citation: ABCAUS 2935 (2019) (05) ITAT Important Case Laws Cited/relied upon by the parties CIT Vs. S.K. Gupta …
No penalty u/s 271A when assessee was under Bonafide belief that being covered under section 44AF he was not required to maintain books of account ABCAUS Case Law Citation: ABCAUS 2787 (2019) (02) ITAT Important Case Laws Cited/relied upon by the parties ACIT vs Anil Luthra (2001) 116 …
No scope for imposing penalty u/s 271A in the case of Civil Contractor which is covered u/s 44AA(2) and is not carrying on any specified profession – ITAT ABCAUS Case Law Citation: ABCAUS 2229 (2018) (03) ITAT Prelude: Section 44AA if the Income Tax Act, 1961 provides for …