Attention Income Tax Payers! Pay your First Installment of Advance Tax by 15th June 2023
The Income Tax Department had reminded the first installment of the Advance Tax Payment. The taxpayers can pay 15% of the estimated tax liability by...
![Penalty Not Imposable for Non-Submission of Audit Report due to Reasonable Cause u/s 273B of IT Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Penalty-Not-Imposable-for-Non-Submission-of-Audit-Report-due-to-Reasonable-Cause-IT-Act-ITAT-TAXSCAN.jpg "Penalty Not Imposable for Non-Submission of Audit Report due to Reasonable Cause u/s 273B of IT Act: ITAT [Read Order]")
![ITAT deletes ex parte Addition u/s 68 of Income Tax Act made during COVID 19 Pandemic [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Customs-Duty-No-Customs-Duty-on-Import-Import-Covid-19-Vaccine-Covid-19-Vaccine-to-India-CBIC-Import-taxscan.jpg "ITAT deletes ex parte Addition u/s 68 of Income Tax Act made during COVID 19 Pandemic [Read Order]")
![ITAT deletes Addition u/s 69 on Amount Validly Explained as Professional Income [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/ITAT-deletes-Addition-Amount-Validly-Explained-as-Professional-Income-Addition-taxscan.jpg "ITAT deletes Addition u/s 69 on Amount Validly Explained as Professional Income [Read Order]")
ITAT deletes Penalty u/s 271B of Income Tax Act for Bonafide Belief on Treating Gross Commission as Turnover [Read Order]
The Bangalore bench of the Income Tax Appellate Tribunal (ITAT) deleted the penalty under Section 271B of the Income Tax Act 1961, imposed on assessee for bonafide belief of treating gross commission...
![ITAT deletes Penalty u/s 271B of Income Tax Act for Bonafide Belief on Treating Gross Commission as Turnover [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/ITAT-deletes-Penalty-us-271B-of-Income-Tax-Act-Treating-Gross-Commission-Turnover-TAXSCAN.jpg "ITAT deletes Penalty u/s 271B of Income Tax Act for Bonafide Belief on Treating Gross Commission as Turnover [Read Order]")
No Penalty u/s 271B of Income Tax Act when there is Reasonable Cause for not getting Audited u/s 44AB: ITAT [Read Order]
The Hyderabad bench of the Income Tax Appellate Tribunal (ITAT) has recently held that no penalty should be levied under Section 271B of the Income Tax Act 1961 when there is reasonable cause for not...
![No Penalty u/s 271B of Income Tax Act when there is Reasonable Cause for not getting Audited u/s 44AB: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/Penalty-Income-Tax-Act-Reasonable-Cause-for-not-getting-Audited-ITAT-Taxscan.jpg "No Penalty u/s 271B of Income Tax Act when there is Reasonable Cause for not getting Audited u/s 44AB: ITAT [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]")
Income Tax Penalty can’t be Levied Even If Audit Carried Out After Receipt of Re-Assessment Notice [Read Order]
The Mumbai Income tax appellate tribunal (ITAT) has recently held that income tax penalty could not be levied even if the audit was carried out after receipt of re-assessment notice. Assessee Lata...
![Income Tax Penalty can’t be Levied Even If Audit Carried Out After Receipt of Re-Assessment Notice [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/02/Income-Tax-Penalty-Audit-Re-Assessment-Notice-TAXSCAN.jpg "Income Tax Penalty can’t be Levied Even If Audit Carried Out After Receipt of Re-Assessment Notice [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]")
Failure to Audit Books of Account as per S. 44AB Not Bonafide Mistake when Assessee having Advice of Chartered Accountant : ITAT upholds Penalty [Read Order]
The Pune bench of Income Tax Appellate (ITAT) upheld the penalty imposed by the lower authorities under section 271B of the Income Tax Act, 1961. The bench stated that the assessee has been...
![Failure to Audit Books of Account as per S. 44AB Not Bonafide Mistake when Assessee having Advice of Chartered Accountant : ITAT upholds Penalty [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Audit-Books-of-Account-Chartered-Accountant-ITAT-Income-tax-Penalty-Advice-of-Chartered-Accountant-taxscan.jpg "Failure to Audit Books of Account as per S. 44AB Not Bonafide Mistake when Assessee having Advice of Chartered Accountant : ITAT upholds Penalty [Read Order]")