The ITAT considered a case involving Penalty u/s 271B for not ...

The Tribunal ruled that assessee were not liable for penalty for not auditing accounts due to delayed book updating.

Case Laws Income Tax

June 27, 2024

The ITAT considered a case involving Penalty u/s 271B for not auditing books as per section 44AB. The Assessee argued books were not updated by the due date for audit under 44AB. The ITAT found the Assessee did not file returns u/s 139(1) and only did so after a notice u/s 148, indicating books were not updated timely. As per legal precedents, non-maintenance of accounts attracts penalty u/s 271A, not 271B. The ITAT ruled in favor of the Assessee, stating failure to maintain books by the due date u/s 139(1) absolved them from penalty u/s 271B for not auditing accounts. The contention that books were updated later was dismissed.

View Source

← Previous Next →

The ITAT considered a case involving Penalty u/s 271B for not ...

The Tribunal ruled that assessee were not liable for penalty for not auditing accounts due to delayed book updating.

Case Laws Income Tax

June 27, 2024

You may also like:

Penalty u/s 271B - the books of account of the Assessee have also been audited only on 30.09.2011, however it seems that somehow due to inadvertent or otherwise mistake...

The assessee was levied penalty u/s 271B for delay in filing the audit report u/s 44AB within the stipulated time. The assessee contended that the invoices and other...

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 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...

Penalty levied u/s 271B - delay in filing the audit report under section 44AB - reasonable cause of delay - The delay was caused due to search conducted by the...

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 - not getting accounts Audited within the due date specified u/s 44AB - It was established that the appellant did not maintain the books 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 maintaining the books of account - Penalty u/s 271B - non-audit of books of accounts - It is clearly a case of impossibility of performance where...

Rejection of books of accounts - best judgement assessment - only objection raised by the AO is non-filing of the tax audit report - CIT- A deleting the addition -...

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 - Delay in filing the tax audit report - delay occurred due to the Accountant leaving the job abruptly and it took time for the new Accountant to...

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...

The assessee university's application for registration u/s 10(23C)(vi) was rejected due to non-submission of audited accounts and failure to provide necessary...

Penalty for delay in auditing the books of account required u/s. 44AB - due to disputes between the assessee with its earlier auditor and resignation thereof, the same...

Quick Updates: