Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights April 2016 Year 2016 This

Penalty u/s 271B - non comply with the provisions of Section ...


Penalty u/s 271B Not Applicable for Share Transactions Held as Investments, No Penalty Imposed for Non-Compliance.

April 5, 2016

Case Laws     Income Tax     AT

Penalty u/s 271B - non comply with the provisions of Section 44AB regarding tax Audit - Section 44AB were not applicable to the transaction relating to sale & purchase of shares held has investment - No penalty - AT

View Source

 


 

You may also like:

  1. The Income Tax Appellate Tribunal (ITAT) held that every non-compliance with a notice u/s 142(1) gives a separate cause of action for levying penalty u/s 271(1)(b)....

  2. Non-discharge of service tax - extended period invoked, service tax demanded - penalties imposed u/ss 77 and 78 of Finance Act, 1994 - appellant providing taxable...

  3. The ITAT Dehradun held that penalty u/s 271B was not applicable as the assessee failed to upload the Audit Report as required u/s 44AB and did not maintain books of...

  4. Penalty u/s. 271B - Non furnishing of Tax Audit Report within the prescribed period u/s 44AB - Limitation to impose penalty u/s 275 - quantum of penalty to be imposed...

  5. Levy of penalty u/s 271B - failure to get accounts audited in terms of provisions of section 44AB - Determination of turnover in the context of a share broker's income -...

  6. Levy of penalty u/s. 271B - The infraction of Section 44AB gets attracted only when the assessee maintains the books of accounts but fail to get them audited - no reason...

  7. Penalty imposed u/s 271B for non-compliance with section 44AB audit report filing. Assessee failed to prove attending litigations or financial difficulties. Assessee...

  8. Validity of penalty levied u/s 271(1)(b) - non-compliance - The assessee has shown sufficient cause for non-compliance, moreover, such non-compliance was done by...

  9. The ITAT, an Appellate Tribunal, addressed the issue of penalty u/s 271B for failure to maintain and audit books of accounts under section 44AB. The assessee did not...

  10. Levy of Penalty u/s. 271B for failure to get accounts audited u/s 44AB - The ITAT held that once a penalty has been levied under Section 271A for non-maintenance of...

  11. Penalty u/s 271(1)(b) - Default by assessee - mens rea is not an essential element for imposing penalty for non compliance of notices issued by AO - penalty confirmed - AT

  12. Penalty u/s 271B - delay in completion of statutory audit was reasonable cause for non- compliance with section 44AB - penalty cancelled - AT

  13. Levy of penalty u/s 271B – Delay in getting and furnished Tax Audit report - delay in completion of statutory audit was reasonable cause for non-compliance with section...

  14. The case involves penalty imposition u/s 272A(1)(d) for non-compliance with statutory notices issued u/ss 143(2) and 142(1). Assessee explained non-compliance due to a...

  15. Levy of Penalty u/s 112 - Scope of the show cause notice - The CESTAT noted that, no show cause notice has been issued proposing the demand of differential duty or the...

 

Quick Updates:Latest Updates