![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]")
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...
![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]")
![Late Filing of Audit Report due to Sufficient Cause u/s 273B of IT Act: ITAT deletes Penalty [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Late-Filing-of-Audit-Report-Sufficient-Cause-Late-Filing-Audit-Report-Audit-Report-due-to-Sufficient-Cause-taxscan.jpg "Late Filing of Audit Report due to Sufficient Cause u/s 273B of IT Act: ITAT deletes Penalty [Read Order]")
The difference in non-delivery derivative Transactions be taken for determining Turnover for Tax Audit u/s 44AB of IT Act: ITAT deletes Penalty u/s 271B
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has deleted the penalty under Section 271B of the Income Tax Act, 1961 holding that the difference in non-delivery derivative transactions...
Penalty Not Imposable for Non-Submission of Audit Report due to Reasonable Cause u/s 273B of IT Act: ITAT [Read Order]
The New Delhi bench of the Income Tax Appellate Tribunal(ITAT) held that no penalty shall be imposed for non-submission of audit reports due to reasonable cause under section 273B of the Income Tax...
![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]")