2013 (10) TMI 658 - KERALA HIGH COURT
M/s. Metro Agencies Versus The Deputy Commissioner of Income Tax
Penalty u/s 271B - Failure to get its accounts audited or submitted before due date - Whether the cause shown by an assessee would constitute a good cause for the non-compliance in order to avoid him from paying the penalty imposed – contention that ......
2013 (10) TMI 649 - ITAT AMRITSAR
Improvement Trust Versus The Dy. CIT, Circle-I, Bathinda
Penalty u/s 271B of the Income Tax Act – Failure to comply with the requirement of tax audit u/s 44AB of the Income Tax Act - Explanation of the assessee to the show cause notice is that the assessee was a statutory body and it was also allowed regis ......
2013 (6) TMI 357 - ITAT CHANDIGARH
Himalyan Labour & Construction Coop Society Ltd. Versus DCIT. Mandi (HP)
Penalty u/s 271B - delay in filing return - non furnishing of tax audit report before the specified date - Held that:- Interpretation given by CIT(A) is correct because if return is filed late then requirement for non filing the audit report cannot b ......
2013 (4) TMI 392 - ITAT COCHIN
KV. Ramachandran Versus Deputy Commissioner of Income-tax, Circle 1(1)
Penalty u/s 271B - non maintenance of books off account by the taxpayer as a civil contractor mainly engaged in government contract - Also penalty u/s 271A levied - Held that:- When the Parliament in its wisdom expects every person carrying on busine ......
2013 (2) TMI 211 - Madras High Court
Commissioner of Income Tax I, Trichirapalli Versus Smt. M. Yesodha
Penalty u/s 271D for violation of Section 269SS - ITAT deleted the penalty as assessee had taken the loan only from her father-in-law and the transaction was genuine - Held that:- In the light of the relationship between the assessee and her father-i ......
2013 (1) TMI 234 - ITAT PUNE
Banwari Sitaram Pasari HUF Versus Assistant Commissioner of Income-tax, Circle-3(1)
Penalty u/s 271B - Tax Audit u/s 44AB - Turnover - Speculative transaction - failure to get the accounts audited by a Chartered Accountant as per 44AB - assessee is an HUF which is engaged in online trading in commodities - Held that:- As the transac ......
2013 (1) TMI 107 - ITAT LUCKNOW
Cane Development Union Versus Assistant Commissioner of Income-tax, Gonda
Penalty u/s. 271B - Failure to get accounts audited u/s 44AB - assessee contented that its entire income being tax exempt u/s.80P accordingly there being no loss to the Revenue - A.Y. 2006-07 - Held that:- No reason to doubt the assessee when it stat ......
2012 (10) TMI 852 - ITAT, DELHI
M/s. Hridey Vikram, Versus Assistan Commissioner of Income-tax, Circle 22(1), New Delhi.
Penalty u/s 271B - assessee had not got its account audited u/s 44AB - Held that:- As decided in ACIT Versus Smt. Bharti Sharma [2010 (7) TMI 494 - ITAT, NEW DELHI] the assessee cannot be penalized for the act for which there is no failure on his/her ......
2012 (10) TMI 807 - ALLAHABAD HIGH COURT
The Commissioner Of Income Tax And Another Versus District Co-Operative Bank
Penalty u/s 271-B - failure to get accounts audited - violation of the provisions of Section 44-AB & its 2nd proviso - ITAT deleted the levy - Held that:- Apart from the fact that the audit of the respondent-society under Section 64 of the U.P. Coope ......
2012 (10) TMI 569 - PUNJAB AND HARYANA HIGH COURT
Commissioner of Income-tax, Hisar Versus Market Committee, Sirsa
Penalty u/s 271B – Audit u/s 44AB - Whether Sec. 44AB is applicable where the assessee has no income from business or profession - Assessee is a Market Committee failed to get audit of books of account u/s 44AB - AO levied penalty u/s 271B – Held tha ......
2012 (9) TMI 846 - DELHI HIGH COURT
COMMISSIONER OF INCOME TAX-III Versus M/s. SHRI SIDHDATA ISPAT (P) LTD.
Penalty u/s 271D - Disallowance of share application amounts in cash - ITAT deleted the levy - Held that:- As decided in CIT, West Bengal I Versus Vegetable Products Limited [1973 (1) TMI 1 - SUPREME COURT] where two High Courts had confirmed a view ......
2012 (8) TMI 577 - ITAT AHMEDABAD
Ahmedabad Vadodara Expressway Co. Ltd. Versus Joint Director of Income-tax (International Taxation), Ahmedabad
Penalty - Deduction of tax at source - Payment to non-residents - Penalty u/s 271C of the IT Act - lower deduction of tax - assessee contended that it received 'Nil deduction certificate' issued by DDIT (International Taxation), being the Assessing O ......
2012 (7) TMI 648 - ITAT, Mumbai
Rakesh S Mehta Versus The Asst Commr of Income Tax 25(3), Mumbai
Levy of penalty u/s 271B - non compliance with the provisions of sec 44AB - Held that:- No penalty shall be levied if the assessee proves that there was a reasonable cause for the failure on his part in compliance with the provisions of the Act. Ther ......
2012 (7) TMI 430 - ITAT, Mumbai
M/s BUNKIM FINANCE & INVESTMENTS PVT LTD Versus INCOME TAX OFFICER
Penalty u/s 271B - Failure to get its accounts audited - income as “Business income” instead of “capital gain” claimed by the assessee - exceeding the monetary limit of Rs.40.00 lakh prescribed u/s 44AB - Held that:- The requirement to gets the accou ......
2012 (5) TMI 131 - ALLAHABAD HIGH COURT
The Commissioner Of Income Tax & Another Versus M/s UP. Metal Traders C/O M/s Uniq Metal Alloys Co.
Cancelling the penalty u/s 271-D/27/E by tribunal - contravention of provisions of section 269SS / 269T – Held that:- Tribunal rightly invoked Section 273-B as no penalty shall be imposable on the assessee for any failure referred to in the said prov ......