Penalty proceedings u/s 271B - requirement of getting tax audit ...

No Penalty for Technical Default in Tax Audit u/s 271B; Turnover in Share Trading Assessed Net of Sales/Purchases.

April 28, 2022

Case Laws Income Tax AT

Penalty proceedings u/s 271B - requirement of getting tax audit u/s 44AB - Determination of turnover - non-delivery based trading of shares and securities - in such case the turnover has to be determined on the basis of the net of sales and purchase of shares - Further the default committed by the assessee is of technical nature and the AO was not handicapped for want of tax audit report while making assessment under appeal. - there is no requirement for getting the accounts audited u/s 44AB - No penalty - AT

View Source

← Previous Next →

Penalty proceedings u/s 271B - requirement of getting tax audit ...

No Penalty for Technical Default in Tax Audit u/s 271B; Turnover in Share Trading Assessed Net of Sales/Purchases.

April 28, 2022

Case Laws Income Tax AT

You may also like:

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 -...

Penalty U/s 271B - Failure to get accounts audited - Penalty confirmed - AT

Levy of penalty u/s. 271B - default in furnishing of Tax Audit Report - In section 271B of the Act, the only requirement is to get the accounts of assessee audited or...

Penalty levied u/s 271B - failure to file the tax audit report within due date - when the Tax Audit Report was made available to the Assessing Officer before completion...

Penalty u/s 271B - Tax Audit - delay in getting the books of accounts audited and furnishing the same - period of limitation for passing penalty orders - the levy of...

Penalty u/s 271B - assessee had failed to get his account audited u/s 44AB - The assessee explained that the delay in furnishing the Audit Report was due to the death of...

Penalty levied u/s 271B - tax audit report - In our view, strained relationship with the earlier CA would constitute reasonable cause. The tax authorities have pointed...

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...

The ITAT considered levy of penalty u/s 271B for a default related to Tax Audit Report u/s 44AB. The appellant obtained the audit report on time but inadvertently...

Penalty levied u/ss 271(1)(c) and 271AAA for unexplained investment and addition made by adopting net profit as per the books of accounts at 12.85% on the suppressed...

Penalty u/s.271B - non furnishing of tax audit report u/s 44AB - determination of turnover - the assessee's case, despite a default of s. 44AB of the Act, is not liable...

Levy penalty u/s. 271B - not filing tax audit report within the due date specified under the Act - When audit report was obtained within due date, merely for delay in...

Penalty order u/s. 271B - tax audit report U/s. 44AB - Assessee has wrongly uploaded the Form 3CD by selecting the earlier AY 2016- 17 instead of selecting the AY...

Penalty u/s. 271A and 271B - non-maintenance of books of account and not getting the books of accounts audited u/s. 44AB recpectivily - once the penalty is levied for...

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 -...

Quick Updates: