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Income Tax Case Laws - Section: 271B


Income Tax

Cases for Section: 271B
Showing 1 to 15 of 183 Records

2014 (4) TMI 287 - ITAT DELHI

SPA Lifestyle (P) Ltd. Versus ACIT, Circle 9(1), New Delhi

Penalty u/s 271B of the Act - furnishing of form 3CB instead of form 3CA - Whether the assessee is required to wait till completion of statutory audit under the relevant provision of the Act or it has to furnish the tax audit report as contemplated u ......

2014 (4) TMI 206 - ITAT MUMBAI

APL (India) Private Limited Versus JCIT (OSD) -8(1), Mumbai

Levy of penalty u/s 271B – Delay in getting and furnished Tax Audit report - non-compliance with provisions of section 44AB – Held that:- According to section 273B, no penalty shall be imposable on person, for any failure which interalia include def ......


Sagar Dutta Versus Commissioner of Income-tax And Another

Penalty u/s 271B of the Act – Audit of accounts as per section 44AB of the Act – Mandatory requirement to obtain approval - Held that:- The order imposing penalty does not disclose that prior approval of the Joint Commissioner was obtained in either ......

2014 (1) TMI 1582 - ITAT MUMBAI

Anahaita Nalin Shah Versus DCIT 4(1), Mumbai

Penalty u/s 271B - Tax Audit - The assessee failed to furnish bonafide reasons for not getting the books of accounts audited either before the AO or the FAA - Held that:- The assessees total turnover of the business in transacting shares was higher ......

2013 (12) TMI 1108 - ITAT PUNE


Penalty u/s.271B – failure to get its accounts audited and furnished before prescribed date u/s 44AB - Waiver of penalty u/s 273B - Held that:- The audit report signed by the auditors in the instant case is dated 01-08-2008 - The assessee is required ......

2013 (12) TMI 1005 - ITAT KOLKATA


Penalty under section 271B – failure to get its accounts audited - Held that:- the professional income of the assessee received from partnership firm of Chartered Accountants is taxable under the head “income from business or profession” - the asses ......

2013 (12) TMI 767 - ITAT PUNE

Krishi Utpanna Bazar Samittee Versus ITO, Ward-2(2), Jalgaon

Penalty u/s 271B - assessee has failed to audit its books of account as required u/s.44AB - Held that:- The assessee was exempt from tax upto A.Y. 2002-03 and the law was amended w.e.f. 01-04-2003 - As per the amended provision the definition of loc ......

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 ......

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