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Income Tax Case Laws - Section: 271B

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Cases for Section: 271B
Showing 1 to 15 of 199 Records

2015 (12) TMI 392 - ITAT DELHI

Chopra Properties Versus ACIT, Circle-33 (1) , New Delhi

Penalty u/s 271B - assessee has obtained the tax audit report on 30th September 2008 and not before 30th September, 2008 - CIT (A) confirmed penalty holding that assessee has committed a default by not getting its accounts audited before the due date - Held that - The meaning of the word before in section 44AB of the Act is cloudy and uncertain. The word is possible of two meanings, one being the common meaning and the other as given in Chamber s.....

2015 (11) TMI 735 - ITAT AHMEDABAD

Shri Rajkumar Shriram and Shri Babulal Gopiram Versus Income Tax Officer, Ward-2 (3) , Bhavnagar

Penalty u/s. 271B - failure to furnish the audit accounts u/s. 44AB - it is assessee s submission that he was under bona fide belief that he was not required to get the accounts audited in view of CBDT Instruction No. 452 dated 17th March, 1986 and the various decisions relied upon by him - Held that - No material has been placed on record by Revenue to demonstrate that the belief of the Assessee was not a bonafide belief. A reading of Section 27.....

2015 (8) TMI 329 - ITAT MUMBAI

Prerna Conwood Associates Versus The Income Tax Officer 12 (3) (2) , Mumbai

Computation of income - manner in which income of the assessee is liable to be computed from the development of its project named Pranik Garden at Mahavir Nagar, Kandivali(West), Mumbai - Held that - The project of the assessee was substantially completed in the previous year relevant to the assessment year under consideration. In fact it is seen that the project consisted of construction of Tower-A,B,D & E, Tower Ekata and shopping arcade/pa.....

2015 (10) TMI 1436 - ITAT PANAJI

M/s. Pai Transport Company Versus ITO, Ward-2 (2) , Belgaum

Levy of penalty u/s 271B - Failure to get accounts audited - Held that - Income of the Assessee is basically from commission on transportation. The penalty levied u/s 271B is not a blanket penalty but is subject to the control of Sec. 273B. Thus, the Assessee does have the ground to raise the issue of reasonable cause. The Assessee has explained and shown with evidence that the Assessee is accounting only the commission as its income/turnover in .....

2015 (10) TMI 1507 - ITAT MUMBAI

M/s Precision Shears And Knives Pvt Ltd Versus The ITO, Ward 1 (2) (4) , Mumbai

Penalty u/s. 271B - failure to get accounts audited - Held that - AO had to take permission from the Joint Commissioner before levying the penalty as the amount of penalty exceeded ₹ 10,000/-. There is nothing in the order of the penalty which could show that the ITO has taken prior permission from the Joint Commissioner. When a statute required a thing to be done in a certain manner, it shall be done in that manner alone. When a particular.....

2015 (3) TMI 321 - MADRAS HIGH COURT

Sancheti Motors Ltd. Versus The Income Tax Officer, Ward - I(3), Chennai

Penalty under Section 271B - no reasonable cause for delayed filing of the audit report - Held that - In the case on hand, the assessee filed return of income on 27.3.1990 and the audit report was obtained on 27.4.1990 and submitted during the course of the assessment proceedings. The reason given by the assessee for the delay in submitting the audit report was that the books were impounded on 29.12.1989. The retention of seized/impounded books o.....

2015 (7) TMI 975 - ITAT JAIPUR

Prem Prakash Gupta Versus The ITO., Ward-6 (2) , Jaipur.

Tax Audit - Determination of turnover for the purpose of section 44AB - Penalty u/s 271B - Held that - The sale of stamp papers by licensed vendors is a government assigned function to facilitate the stamp sales at various locations. The government appoints licensed agents which are remunerated at a prescribed fee scale/commission, which is mentioned in the written submissions and the stamp rules. The stamps are sold by the assessee on behalf of .....



Penalty u/s.271B - Tax Audit Report not submitted within the due date - Held that - Appellant-assessee is a sick unit under the BIFR and could not finalize its Accounts and obtain the Tax Audit Report before 31.03.1994. The assessee had submitted the original Return on the basis of the provisional Balance Sheet and P & L Accounts and revised Return was filed on 04.10.1994 along with the Tax Audit Report. Therefore, there was sufficient cause .....


Attara Gas Service Versus Commissioner of Income Tax, Kanpur and another

Sale of gas cylinders to be included in the turnover or not - Whether the sale of gas cylinders by the appellant was liable to be included in the turnover and was required to be audited u/s 44AB Held that - The agreement clearly indicated that the assessee was appointed as a distributor on principal to principal basis for sale of gas cylinders to consumers - assessee was carrying on business of supply of gas cylinders to the consumers and that th.....


The Commissioner of Income Tax Versus M/s. ECC. Project Pvt. Ltd.

Cancellation of penalty u/s 271B No assessment proceedings pending Failure to record satisfaction by AO - Held that - The satisfaction as to the assessee having concealed the particulars of his income or furnished inaccurate particulars of such income is to be arrived at by the AO during the course of any proceedings under the Act, which would mean the assessment proceedings, without which, the jurisdiction to initiate the penalty proceedings is .....

2015 (10) TMI 923 - ITAT AHMEDABAD

M/s. Atmaram Mody & Co. Versus ITO, Ward 11 (4) Ahmedabad

Penalty u/s.271B - Failure to get accounts audited - Held that - Considering the accounting of the assessee the claim of the assessee was not approved, however as far as the question of levy of penalty for non auditing of account being gross receipts have exceeded ₹ 40 lacs, we have noted that some of the commission income pertained to A.Y.2003-04 and part of the income pertained to A.Y. 2004-05 and likewise another part of the income belon.....

2015 (10) TMI 1386 - ITAT MUMBAI

Esque Finmark Pvt. Ltd. Versus Asst. CIT-9 (1) , Mumbai

Penalty u/s.271B - non furnishing of tax audit report u/s 44AB - determination of turnover - Held that - The notice of penalty and the basis for the A.O. in levying the penalty was that the assessee s work-in-process (WIP) had witnessed an increase during the year for an amount beyond the prescribed limit. Though, therefore, we do not regard the ld. CIT(A) to have, in confirming the penalty, based it on a different cause; the default being the sa.....

2014 (7) TMI 594 - ITAT MUMBAI

Sujata Trading Private Limited Versus Income Tax Officer

Audit report obtained u/s 44AB of the Act Wrong information given to AO - Whether the statement of the assessee that it has obtained the tax audit report prior to filing of return is correct or not Held that - The corporate assessees have to furnish Tax audit report in Form 3CA and Form No.3CD - The non-corporate assessees have to furnish the tax audit report in Form 3CB and Form 3CD - it requires the tax auditor only to furnish the details of au.....

2014 (5) TMI 693 - ITAT AHMEDABAD

Saiyad Saukatli Saiyadmiya Prop. Saibaba Transport Versus The ITO, Ward-3, Nadiad

Failure to audit accounts u/s 44AB Payment received exceeded monetary limit Held that - Assessee contended that he was acting as an agent and had arranged the trucks owned by others on hire for his principal and the receipts which was received by him was received in a fiduciary capacity which did not belong to him and were paid by him and he had only retained his commission the contentions of the assessee, prima facie, appears of be bonafide and .....

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/s 44AB Held that - The assessee is left with no other alternative but to furnish the report in form 3CB along with form 3CD to make substantial compliance with the provisions of section 44AB - provis.....


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