ICAI releases Exposure Draft Guidance Note on Tax Audit u/s 44AB of Income Tax Act for A.Y. 2023-24: Invites Comments till 6th Aug 2023
The Institute of Chartered Accountants of India (ICAI) has released the draft guidance note on tax audit under Section 44AB of Income Tax Act, 1961...
![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]")
![Penalty proceeding u/s 271A of Income Tax Act cant be initiated on Proper maintenance of Books of Account: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/No-Penalty-Assessee-Proves-Reasonable-cause-Delay-Filing-Books-Account-Income-Tax-Act-ITAT-TAXSCAN-1.jpg "Penalty proceeding u/s 271A of Income Tax Act cant be initiated on Proper maintenance of Books of Account: ITAT [Read Order]")
![Non- maintenance of books of account implies no audit of account done: ITAT deletes penalty for u/s 271B [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/Non-maintenance-Books-of-account-Audit-of-account-ITAT-Delets-penalty-taxscan.jpg "Non- maintenance of books of account implies no audit of account done: ITAT deletes penalty for u/s 271B [Read Order]")
Provisions of Section 44AB not Applicable to Income which are Treated as Income from Other Sources: ITAT [Read Order]
The Visakhapatnam bench of the Income Tax Appellate Tribunal (ITAT) held that the provision of Section 44AB of the Income Tax Act, 1961 is not applicable to income which is treated as income from...
![Provisions of Section 44AB not Applicable to Income which are Treated as Income from Other Sources: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/Income-from-Other-Sources-Income-ITAT-Provisions-Income-which-are-Treated-as-Income-from-Other-Sources-Taxscan.jpg "Provisions of Section 44AB not Applicable to Income which are Treated as Income from Other Sources: ITAT [Read Order]")
Failure to furnish Audit Report of Accounts Audited by Cooperative Department Auditor within specified date u/s 44AB of the Income Tax Act: ITAT Upholds Penalty
The Cochin Bench of Income Tax Appellate Tribunal (ITAT) has held that the Co-operative department auditor failed to furnish audit report of account within the specified date under section 44AB...
No Audit can be Made u/s 44AB of Income Tax Act When Assessee Has Not Maintain Books of Account: ITAT [Read Order]
The Bangalore bench of the Income Tax Appellate Tribunal ( ITAT) held that no audit can be made under section 44AB of the Income Tax Act,1961 when the assessee has not been maintained the books...
![No Audit can be Made u/s 44AB of Income Tax Act When Assessee Has Not Maintain Books of Account: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Audit-Income-Tax-Act-Income-Tax-Assessee-Has-Not-Maintain-Books-of-Account-Assessee-Books-of-Account-ITAT-Taxascan.jpg "No Audit can be Made u/s 44AB of Income Tax Act When Assessee Has Not Maintain Books of Account: ITAT [Read Order]")
No Penalty shall be Levied u/s 271b of Income Tax Act ,if Assessee Proves Reasonable Cause for Failure to Furnish Audit Record :ITAT [Read Order]
The Kolkata bench of Income Tax Appellate Tribunal (ITAT) has held that no penalty should be levied under section 271B of Income Tax Act, 1961, if the assessee proved the reasonable cause for failure...
![No Penalty shall be Levied u/s 271b of Income Tax Act ,if Assessee Proves Reasonable Cause for Failure to Furnish Audit Record :ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Penalty-Penalty-shall-be-Levied-Income-Tax-Act-Reasonable-Cause-Failure-to-Furnish-Audit-Record-Audit-Record-ITAT-Taxscan.jpg "No Penalty shall be Levied u/s 271b of Income Tax Act ,if Assessee Proves Reasonable Cause for Failure to Furnish Audit Record :ITAT [Read Order]")
S. 44B of Income Tax Act Not Applicable as NLU is 'Local Authority', Not Carrying out Business: ITAT Quashes Penalty [Read Order]
While entertaining the appeal of the National Law University, Delhi (NLUD), the Delhi bench of Income tax Appellate Tribunal (ITAT) of quashed the penalty order passed under Section 271B of the...
![S. 44B of Income Tax Act Not Applicable as NLU is Local Authority, Not Carrying out Business: ITAT Quashes Penalty [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Income-Tax-Act-Not-Applicable-as-NLU-NLU-Business-ITAT-Quashes-Penalty-ITAT-Penalty-Taxscan.jpg "S. 44B of Income Tax Act Not Applicable as NLU is Local Authority, Not Carrying out Business: ITAT Quashes Penalty [Read Order]")
