Read all Latest Updates on and about section 271B of the Income Tax Act

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ITAT deletes CIT(A)'s Penalty for Non-Audit of Accounts Citing Pending Quantum Assessment Appeal [Read Order]

Franklin Joshva

The Agra Bench of Income Tax Appellate Tribunal (ITAT) has set aside the penalty imposed under Section 271B of the Income Tax Act, 1961, for failure...

ITAT remands Income Tax Penalty matter despite Negligence of Assessee [Read Order]

S. 271B Penalty Applicable Only if Accounts Are Not Audited as per S. 44AB, Not for Delay in...

All you want to know about Income Tax Audit Forms 3CA and 3CB

Charitable Institution liable for Tax Audit u/s 44AB for Activities prior to Registration u/s 2(15)...

ITAT deletes Penalty u/s 271B for the assessee being able to establish reasonable cause behind their failure deserves to be considered u/s 274 [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that the assessee clearly deserves to be considered under Section 274 where in it is provided that if assessee is able to establish...

Penalty u/s 271B of Income Tax Act shall not be imposed unless Assessee has been given a Reasonable Opportunity of being heard: ITAT [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that the penalty under Section 271B of the Income Tax Act, 1961 shall not be imposed unless the assessee has been given a reasonable...

Penalty u/s.271B not Leviable when Assessee engaged in business of trading, financing, reality and commodities had not Maintained Books of Accounts: ITAT [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has held that the penalty under Section 271B of the Income Tax Act 1961, would not be leviable when the assessee engaged in the business of...

Penalty u/s 271B not Leviable when Audit Completed within Reasonable Time of Appointment of Auditors by Regulatory Authority: ITAT Directs Re-Adjudication

The Raipur Bench of Income tax Appellate Tribunal (ITAT) has directed re-adjudication as penalty under Section 271B of the Income Tax Act,1961 would not be leviable when audit has been completed...

Delay in Filing Audit Report due to Dispute Between Director of Company is Mere Technical Breach and not Malafide Intention: ITAT Deletes Penalty u/s 271 B of Income Tax Act [Read Order]

The Chennai Bench of Income Tax Appellate Tribunal (ITAT) held that the Tax Audit Report was made available to Assessing Officer before completion of assessment proceedings. Therefore, delay in...

No penalty shall be imposed u/s 271B of Income Tax Act on reason of Return not Appearing E-Filing Portal: ITAT [Read Order]

The Chennai bench of the Income Tax Appellate Tribunal (ITAT) has recently held that no penalty should be imposed under Section 271B of the Income Tax Act 1961 on the reason of the return not...

Books of Account not Liable to be Audited when Turnover of Business less than Threshold Limit u/s 44AB of Income Tax Act: ITAT deletes Penalty [Read Order]

The Surat bench of the Income Tax Appellate Tribunal (ITAT) held that the books of Account were not liable to be audited when the turnover of the business is less than the threshold limit under...