Home Highlights May 2014 Year 2014 This

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1. Tax Audit u/s 44AB - Penalty u/s 271B - Failure to get account Audited - Determination of turnover of the Business and Profession - Appellant is a Gynecologist and also...

2. Penalty u/s 271A - non maintenance of books of accounts - not furnishing tax audit report u/s 44AB - The commission being turnover/receipt for the purposes of 44AA and...

3. Penalty u/s 271B - Tax audit - failure to get books of accounts audited u/s 44AB - assessee did not maintain books of account u/s 44AA - Neither section 44AA and 44AB...

4. 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...

5. Penalty levied u/s 271B - failure to get accounts audited u/s 44AB - books of account and other relevant documents were destroyed by natural calamity, i.e. flood - No penalty

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

7. Penalty u/s 271B - failure to get the books of accounts audited u/s 44AB - addition made during the assessment proceedings on the basis of unaccounted sale cannot be...

8. Failure to produce the books of account and audit report u/s 44AB - the contentions of the assessee that since no books of account have been prepared, therefore could...

9. Addition being 10 percent out of various expenses - books of assessee are duly audited under section 44AB of the Act - The Appellate Tribunal upheld the arguments...

10. Levy of penalty u/s 271B - default u/s 44AB - failure to get accounts get audited - Contradictory stand of the appellant when he contended that due to seizure of books...

11. 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...

12. Penalty u/s 271B - no tax audit conducted u/s 44AB - bonafide belief - When Gross profit is more than Rs.4 crores, it means the Gross Receipts were definitely more than...

13. Penalty u/s 271B - assessee failed to get his account audited and furnish report u/s 44AB even after release of documents where were seized by the authorities - If the...

14. Penalty levied u/s 271B - assessee not got her accounts audited u/s 44AB - The assessee follows project completion method. Therefore, the claim of the assessee was that...

15. Penalty u/s 271B - default u/s. 44AB - failure to get books of accounted audited and furnish the audit report - reasonable cause - Assessee plea that accounts having...