Levy of penalty u/s 271B - not getting the accounts audited u/s ...

Penalty u/s 271B Not Imposed Due to Undisturbed Position u/s 44AD Despite Exceeding Turnover Limit.

March 30, 2018

Case Laws Income Tax AT

Levy of penalty u/s 271B - not getting the accounts audited u/s 44AD - having not disturbed the said position u/s 44AD, it cannot be said that the assessee has failed to get his books of accounted where undisclosed business receipts of are brought to tax during the course of assessment proceedings and whereby the prescribed turnover threshold has been breached - AT

View Source

← Previous Next →

Levy of penalty u/s 271B - not getting the accounts audited u/s ...

Penalty u/s 271B Not Imposed Due to Undisturbed Position u/s 44AD Despite Exceeding Turnover Limit.

March 30, 2018

Case Laws Income Tax AT

You may also like:

Penalty u/s 271B - Determination of turnover of the assessee for Tax Audit u/s 44AB - turnover in respect of the speculative transactions shall be positive and negative...

Penalty levied u/s 271A - applicability of section 44AD - profit showed at lower rate - Audit was conducted u/s 44AB - AO shall not resort to short cut method of...

Levy of penalty - discrepancy in turnover - requirement of adding gross profit and freight charges to the purchase value - The Madras High Court concluded that the levy...

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...

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...

Penalty u/s 271B was levied on the assessee for failure to get accounts audited despite turnover exceeding prescribed limit u/s 44AB. The Assessing Officer relied solely...

Penalty u/s 271B - not getting the books of account audited u/s 44AB - AO levied penalty on the assessee as the cash deposit during the F.Y. 2016-17 exceeded the...

Penalty u/s 271B - non filing / delayed filing of audit report - bonafide reasons - delay due to expiry of digital signature and due to technical glitch in the system -...

SEBI has modified the implementation of intraday position limit monitoring for index derivatives effective April 1, 2025. While stock exchanges will monitor position...

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 -...

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...

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...

Determination of turnover for presumptive taxation u/s 44AD - The assessee contended that receipts cannot be treated as ancillary receipts as the assessee had already...

Threshold Limit of tax audit under section 44AB and section 44AD – clarification - Circular

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: