![No Penalty shall be Levied u/s 271B of Income Tax Act on Account of Delay in Filing Audit Report Due to Proceedings under IBC: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/No-Penalty-shall-be-Levied-Penalty-Income-Tax-Act-Income-Tax-Account-of-Delay-in-Filing-Audit-Report-Due-to-Proceedings-under-IBC-IBC-Taxscan.jpg "No Penalty shall be Levied u/s 271B of Income Tax Act on Account of Delay in Filing Audit Report Due to Proceedings under IBC: ITAT [Read Order]")
No Penalty shall be Levied u/s 271B of Income Tax Act on Account of Delay in Filing Audit Report Due to Proceedings under IBC: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT) Delhi bench held that no penalty should be levied under Section 271B of Income Tax Act, 1961 on account of...
![Exception u/s 11 & 12 of Income Tax Act cannot be denied merely on Account of Delay in furnishing Audit Report: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Exception-Income-Tax-Act-Delay-in-furnishing-Audit-Report-ITAT-Income-Tax-Audit-Report-taxscan.jpg "Exception u/s 11 & 12 of Income Tax Act cannot be denied merely on Account of Delay in furnishing Audit Report: ITAT [Read Order]")
Expression of Opinion in Audit Report Without Sufficient Information is Professional Misconduct: ICAI Reprimands CA along with Fine of Rs 50,000 [Read Order]
The Institute of Chartered Accountants of India (ICAI) reprimanded a Chartered Accountant (CA), imposed a fine of Rupees 50,000 and observed that expression of opinion in audit report without...
![Expression of Opinion in Audit Report Without Sufficient Information is Professional Misconduct: ICAI Reprimands CA along with Fine of Rs 50,000 [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Expression-of-Opinion-in-Audit-Report-Audit-Report-Sufficient-Information-Misconduct-ICAI-taxscan.jpg "Expression of Opinion in Audit Report Without Sufficient Information is Professional Misconduct: ICAI Reprimands CA along with Fine of Rs 50,000 [Read Order]")
Non-issuing of Revised Audit Report amounts to Professional Misconduct under CA Act: ICAI Reprimands CA [Read Order]
The Institute of Chartered Accountants of India (ICAI) reprimanded Chartered Accountants (CA) for non-issuing of Revised Audit Report. It was alleged that there was a difference of Rs 1,56,864/-...
Failure to Detect Fraud in Financial Statement is Professional Misconduct: ICAI Removes Name of CA for 1 Year [Read Order]
The Institute of Chartered Accountants of India(ICAI) removed the name of a Chartered Accountant for one year and noted that failure to detect fraud in financial statement is professional misconduct....
Furnishing False Audit Report without Proper Verification amounts to Professional Misconduct: ICAI Reprimands CA along with Fine[Read Order]
The Institute of Chartered Accountants of India (ICAI) has held that furnishing false audit reports without proper verification amounts to professional misconduct and reprimanded the Chartered...
Non-Filling of Audit Report Within Due Date is Venial Technical Breach without Any Malafide Intention of Assessee: ITAT Deletes Penalty u/s 271B of Income Tax Act [Read Order]
The Chennai Bench of Income Tax Appellate Tribunal (ITAT) held that non-filing of audit report within the due date is a venial technical breach without any mala fide intention on the part of the...
![Non-Filling of Audit Report Within Due Date is Venial Technical Breach without Any Malafide Intention of Assessee: ITAT Deletes Penalty u/s 271B of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/audit-report.jpg "Non-Filling of Audit Report Within Due Date is Venial Technical Breach without Any Malafide Intention of Assessee: ITAT Deletes Penalty u/s 271B of Income Tax Act [Read Order]")
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...
![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]](https://www.taxscan.in/wp-content/uploads/2023/07/Delay-Filling-Audit-Report-Dispute-Director-of-company-Technical-breach-taxscan.jpg "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]")
ICAI releases Ready Reference of Different Industries For easy Audit; the Analysis of Modified Opinions
The Institute of Chartered Accountants of India (ICAI) has released the analysis of modified opinion, the ready reference of different industries having similar issues in the audit. According to...
