![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]](https://www.taxscan.in/wp-content/uploads/2023/06/Books-of-Account-not-Liable-to-be-Audited-when-Turnover-of-Business-less-than-Threshold-Limit-Books-of-Account-Income-Tax-Act-ITAT-Penalty-Taxscan-1.jpg "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]")
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...
![ITAT Upholds Imposition of Penalty u/s 271B of Income Tax Act due to Non Audit of Books of Account [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/ITAT-Upholds-Imposition-of-Penalty-ITAT-Imposition-of-Penalty-Penalty-Income-Tax-Act-Non-Audit-of-Books-of-Account-Books-of-Account-Taxscan.jpg "ITAT Upholds Imposition of Penalty u/s 271B of Income Tax Act due to Non Audit of Books of Account [Read Order]")
![Audit Report not Filed within Stipulated Time Limit as Books not Given to Qualified CA:ITAT Upholds Penalty u/s 271B [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Audit-Report-Stipulated-Time-Limit-Time-Limit-not-Filed-within-Stipulated-Time-Limit-Books-not-Given-to-Qualified-CA-CA-Books-Qualified-CA-ITAT-Penalty-taxscan.jpg "Audit Report not Filed within Stipulated Time Limit as Books not Given to Qualified CA:ITAT Upholds Penalty u/s 271B [Read Order]")
![Failure to file Audit Report through a Qualified CA: ITAT upholds Penalty u/s 271B of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/Failure-to-file-Audit-Report-through-a-Qualified-CA-ITAT-upholds-Penalty-us-271B-of-Income-Tax-Act-TAXSCAN.jpg "Failure to file Audit Report through a Qualified CA: ITAT upholds Penalty u/s 271B of Income Tax Act [Read Order]")
![Non-Compliance of Notice not Deliberate: ITAT Deletes Penalty u/s 271B [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/Non-Compliance-of-Notice-not-Deliberate-Notice-ITAT-Deletes-Penalty-ITAT-Penalty-Non-Compliance-Taxscan.jpg "Non-Compliance of Notice not Deliberate: ITAT Deletes Penalty u/s 271B [Read Order]")
Delay of One Day in Filing Audit Report Due to Technical Glitches of Income Tax Portal: ITAT sets aside Penalty u/s 271B [Read Order]
The Income Tax Appellate Tribunal (ITAT), Jaipur Bench, has recently, on finding that the delay of one day in filing audit report was due to technical glitches on the Income Tax Portal, set aside the...
![Delay of One Day in Filing Audit Report Due to Technical Glitches of Income Tax Portal: ITAT sets aside Penalty u/s 271B [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/ITAT-sets-aside-Penalty-Delay-of-One-Day-in-Filing-Audit-Report-Penalty-ITAT-Filing-Audit-Report-Audit-Report-Technical-Glitches-of-Income-Tax-Portal-Income-Tax-Portal-Income-Tax-taxscan.jpg "Delay of One Day in Filing Audit Report Due to Technical Glitches of Income Tax Portal: ITAT sets aside Penalty u/s 271B [Read Order]")
Penalty u/s 271B Not Leviable If Assessee was under Bonafide Belief that Books of Accounts Need Not be Audited: ITAT [Read Order]
The Kolkata bench of Income Tax Appellate Tribunal (ITAT) has recently held that the penalty under section 271B of Income Tax Act 1961 is not leviable if the assessee was under bonafide belief...
![Penalty u/s 271B Not Leviable If Assessee was under Bonafide Belief that Books of Accounts Need Not be Audited: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/03/Penalty-Assessee-Bonafide-Bonafide-Belief-Books-of-Accounts-Audited-ITAT-Income-Tax-Taxscan.jpg "Penalty u/s 271B Not Leviable If Assessee was under Bonafide Belief that Books of Accounts Need Not be Audited: ITAT [Read Order]")
Delay in Submission of Tax Audit Report is Mere Technical Breach of Law: ITAT deletes Penalty u/s 271B [Read Order]
The Pune Bench of Income Tax Appellate Tribunal ( ITAT ) has deleted the penalty imposed under Section 271B of the Income Tax Act 1961, holding that the delay in submission of the audit report was a...
![Delay in Submission of Tax Audit Report is Mere Technical Breach of Law: ITAT deletes Penalty u/s 271B [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/02/Tax-Audit-Report-Tax-Audit-Audit-Report-Technical-Breach-Law-ITAT-Penalty-Taxscan.jpg "Delay in Submission of Tax Audit Report is Mere Technical Breach of Law: ITAT deletes Penalty u/s 271B [Read Order]")
Completion of Audit and Furnishing of Tax Audit Report before Conclusion of Assessment Proceedings: ITAT Deletes Penalty u/s 271B [Read Order]
The Delhi Bench of Income Tax Appellate Tribunal ( ITAT )has deleted the penalty under Section 271B of the Income Tax Act 1961 as the completion of the audit and furnishing of the tax audit report...
![Completion of Audit and Furnishing of Tax Audit Report before Conclusion of Assessment Proceedings: ITAT Deletes Penalty u/s 271B [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/02/Completion-of-Audit-Audit-Furnishing-of-Tax-Audit-Report-Tax-Audit-Report-Assessment-Proceedings-ITAT-Penalty-Taxscan.jpg "Completion of Audit and Furnishing of Tax Audit Report before Conclusion of Assessment Proceedings: ITAT Deletes Penalty u/s 271B [Read Order]")
Income Tax Penalty cannot be Levied If Tax Audit was not done for a Reasonable Cause but Filed before Completion of Assessment [Read Order]
The Chennai Bench of Income Tax Appellate Tribunal (ITAT) recently held that the income tax penalty cannot be levied if tax audit was not done for a reasonable cause but filed before completion of...
![Income Tax Penalty cannot be Levied If Tax Audit was not done for a Reasonable Cause but Filed before Completion of Assessment [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/02/Income-Tax-Penalty-Tax-Audit-Reasonable-Cause-Assessment-TAXSCAN.jpg "Income Tax Penalty cannot be Levied If Tax Audit was not done for a Reasonable Cause but Filed before Completion of Assessment [Read Order]")
ICAI Guidelines for Calculating Turnover in Transactions related to Future and Options Reliable in the Absence of Statutory Provision: ITAT [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that the ICAI ICAI Guidelines for calculating turnover in transactions related to future and options can be relied on in the...
![ICAI Guidelines for Calculating Turnover in Transactions related to Future and Options Reliable in the Absence of Statutory Provision: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/12/ICAI-Guidelines-Transactions-Statutory-Provision-ITAT-TAXSCAN.jpg "ICAI Guidelines for Calculating Turnover in Transactions related to Future and Options Reliable in the Absence of Statutory Provision: ITAT [Read Order]")
Delay in Appointment of Auditor and Finalization of Annual Accounts, not valid ground for imposing Penalty: ITAT [Read Order]
The Income Tax Appellate Tribunal ( ITAT ), held that Delay in appointment of Auditor and finalization of annual accounts are not valid ground for imposing penalty. The assessee, M/s. Madhya...
![Delay in Appointment of Auditor and Finalization of Annual Accounts, not valid ground for imposing Penalty: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/11/Delay-Appointment-Auditor-Finalization-Annual-Accounts-Penalty-ITAT-TAXSCAN.jpg "Delay in Appointment of Auditor and Finalization of Annual Accounts, not valid ground for imposing Penalty: ITAT [Read Order]")