Penalty u/s 271A - When the turnover has to be computed only by ...

Case Laws Income Tax

September 16, 2020

Penalty u/s 271A - When the turnover has to be computed only by taking the positive and negative outcome of the transactions and not the entire volume of the transactions, the turnover of the assessee is wrongly considered by the AO while levying the penalty u/s 271A. - AT

View Source

← Previous Next →

Penalty u/s 271A - When the turnover has to be computed only by ...

Case Laws Income Tax

September 16, 2020

You may also like:

Determination of turnover - scope of section 44AA and 44AB - failure to maintain books of accounts - failure to get accounts audited - speculative transactions on...

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...

Excise duty & Sales Tax to be excluded from turnover for computing deduction u/s 80HHE - AT

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...

Refund of CENVAT Credit - clearances under CT1 Certificates for export - There is no provision in the definition of turnover of services that the export turnover should...

Section 271(1)(c) penalty was held invalid due to improper issuance of notice, as no proceedings were pending when the notice was issued on 19.12.2019. Section 271A...

Export turnover brought into India does not qualify as 75% of total turnover for claiming exemption u/s 10A. Expenditure incurred in foreign exchange must be excluded...

Correction / modification in the ITR - AO is not correct in taking the positive figure and ignored the negative figure - he cannot refuse to determine the correct receipts - AT

Imposition of penalty u/s 271(1)(c) of the Income Tax Act for two types of additions: (1) the addition made u/s 50C on the difference between stamp duty value and sale...

Loss is negative profit. Both positive and negative profits are of revenue character. Both must enter into computation, wherever it becomes material, in the same mode of...

Penalty u/s 271A and u/s 271B - not maintaining books of account and for not getting the booking of account audited as provided u/s 44AB - Penalties levied u/s 271A for...

Penalty u/s 271A - non maintenance of books of accounts - not furnishing tax audit report u/s 44AB - The commission being turnover/receipt for the purposes of 44AA and...

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...

Penalty u/s 271(1)(c) - price charged by the assessee in international transactions have not been computed in accordance with the provisions contained in section 92C -...

Speculative transaction - Section 43 r.w.s. 73 - if the derivative transaction is in excess of export turnover, then that loss suffered in respect of that portion of...

Quick Updates: