Read all Latest Updates on and about Section 273B of the Income Tax Act

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Cash Transactions above ₹20,000 in Violation of Income Tax S. 269SS Not Legally Enforceable Debt Under NI Act: Kerala HC [Read Order]

Navasree A.M

In a landmark decision, the Kerala High Court held that any debt arising out of a cash transaction exceeding ₹20,000, in violation of Section 269SS...

Cash Loan above ₹20,000 Not Legally Enforceable: Kerala High Court Acquits Accused in Cheque Bounce...

"NFAC Passed Perverse Order Stating Wrong Penalty Amount & Ignoring S.273B Safeguards": ITAT Deletes...

Karnataka HC Quashes Penalty for Non-Deduction of TDS on Professional Advice [Read Order]

COVID-19 prevented Assessee from complying with Income Tax Notices: ITAT quashes Penalty u/s...

ITAT deletes Penalty u/s 271D of Income Tax Act on Availability of Reasonable Cause to Prove Bonafide Act of Assessee [Read Order]

The Bangalore of the Income Tax Appellate Tribunal ( ITAT ) deleted the penalty under section 271 D of the Income Tax Act, 1961 as it proved reasonable cause to treat the assessee as bonafide. The...

ITAT deletes Impugned Penalty on grounds of there being Sufficient Cause u/s 273 for failure to upload return of Income Electronically [Read Order]

The Chennai bench of the Income Tax Appellate Tribunal (ITAT) held that depending on auditor for uploading of the return along with return of income, is sufficient cause within the meaning of Section...

No Penalty can be imposed if Assessee Proves there was Reasonable cause for Delay in Filing Books of Account u/s 273B of Income Tax Act: ITAT [Read Order]

The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) held that no penalty can be imposed if the assessee proves that there was a reasonable cause for delay in filing books of account under...

No TDS on payment of External Development Charges not made out of any Statutory and Contractual Liability: ITAT [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal (ITAT), held that the assessee was not required to deduct TDS as the payment of External Development Charges (EDC) was not made out of any...

Delay in filing Appeal due to Change of Branch Manager, not a valid ground, SBI can't escape from Tax Liability: ITAT [Read Order]

The Bangalore Bench of the Income Tax Appellate Tribunal (ITAT)has refused to condone the delay in filing the appeal by the State Bank of India (SBI) due to the change of Branch manager being not a...

Demise of Chartered Accountant not a reasonable cause for not Auditing Books of Accounts: ITAT [Read Order]

The demise of the Chartered Accountant of the assessee cannot be a ‘reasonable cause’ for not auditing books of accounts under the Income Tax Act, 1961, said the Cochin bench of the Income Tax...

No Penalty on Refund of Advance from Customers in Cash under a Bonafide Belief: ITAT [Read Order]

The Cuttack bench of the Income Tax Appellate Tribunal (ITAT) has held that penalty under Section 273B of the Income Tax Act, 1961 cannot be levied if the assessee received refund of advance from...