The ITAT, an Appellate Tribunal, considered the issue of levy of ...

Penalty of Rs. 150,000 for not filing audit report on time set aside as no prior approval obtained. Appeal allowed.

Case Laws Income Tax

June 13, 2024

The ITAT, an Appellate Tribunal, considered the issue of levy of penalty u/s 271B for failure to submit audit report u/s 44AB on time. The Tribunal noted that the penalty order did not mention prior approval of the Joint Commissioner, as required. Citing SAGAR DUTTA case, it held that the absence of such approval renders the order incompetent and a nullity. The Tribunal set aside the penalty orders totaling Rs. 150,000, stating they were passed without requisite approval. The appeal by the assessee was allowed, with the option for the revenue to approach the Tribunal if prior approval was later proven.

View Source

← Previous Next →

The ITAT, an Appellate Tribunal, considered the issue of levy of ...

Penalty of Rs. 150,000 for not filing audit report on time set aside as no prior approval obtained. Appeal allowed.

Case Laws Income Tax

June 13, 2024

You may also like:

Penalty u/s 271B - Assessee may have a view that prior to the date he was not required to file the audit report along with the return of income but obtain tax audit...

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 - tax audit report - In our view, strained relationship with the earlier CA would constitute reasonable cause. The tax authorities have pointed...

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 u/s 271B - tax audit report could not be filed on time - when the loss return has been accepted by the Revenue and the audit report filed belatedly was available...

Penalty imposed u/s. 271B - non filing of audit report within stipulated time - the assessee kept on changing its version for causing delay of filing tax audit report...

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 -...

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...

Levy of penalty u/s. 271B - Audit Report as required u/s. 44AB of the Act, was not filed on or before due date - The assessee, although, filed Tax Audit Report beyond...

Penalty u/s 271B - delay in filing tax audit report - reasonable / bonafide cause - The assessee is not a habitual defaulter for filing the tax audit report. Therefore,...

Service tax demand on Goods Transport Agency (GTA) services rendered on reverse charge basis set aside as appellant did not collect service tax from service recipient....

Challenge to penalty order u/s 129(1) of CGST Act for non-generation of Part-B of E-way bill. Petitioner accepted notice and paid Rs. 11,08,150 penalty voluntarily...

The case involves imposition of penalty on a Customs House Agent (CHA) u/s 114 (iii) of the Customs Act 1962 for misusing drawback benefit through fraudulent exports....

Tribunal found assessee had reasonable cause for delay in furnishing Tax Audit Report due to delay in finalization of statutory audit arising from dispute between Board...

The assessment years beyond six years but not exceeding ten years can be reopened u/s 153A only if the Assessing Officer possesses evidence depicting escapement of...

Quick Updates: