Home Highlights June 2013 Year 2013 This

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1. Penalty u/s 271 (1) (c) - under reporting of student fee - In the case in hand the assessee, though explained the reasons for discrepancy in the fee recorded in the...

2. Penalty u/s. 271B - assessee had not filed audit report - Only a qualified CA is permitted to Audit books of account. In the affidavit it is claimed by the Accountant of...

3. Levy of penalty u/s 271(1)(c) - The Tribunal found no justification for imposing a penalty as the assessee had sufficient cash balances and transparently recorded the...

4. 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...

5. Imposition of penalty u/s 271(1)(b) - non-compliance of the notice issued under Section 142(1) - if the assessee really had no connection with the Swiss Bank accounts,...

6. Estimation of net profit - rejection of books of accounts - Once the books of account of the assessee was produced before the lower authorities and if there is certain...

7. Rejection of books of accounts - rejection of books of account by invoking the provisions of section 145(3) - the AO has categorically noted in the assessment order...

8. Best Judgement Assessment - rejection of books of accounts - Though the Tribunal has recorded that the books of accounts were duly presented when the show cause notice...

9. 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...

10. Validity of assessment order - Discrepancy Nos. 1, 2, 10, and 11: The discrepancies include issues such as non-GST supplies, alleged mismatch between GSTR-3B and GSTR-1...

11. 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 -...

12. Levy of penalty u/s 54(1)(14) - no papers were produced despite the fact that goods were being imported from outside the State - There is always apprehension that in...

13. Penalty u/s 271(1)(c) - The absence of books of accounts of the firm in the partners' residence, certainly would not lead to a further inference that there were no books...

14. Penalty u/s 271B - in absence of maintenance of books of account, question to get accounts audited u/s 44AB doesn't arise - No penalty

15. Penalty levied u/s 272(1)(d) - non-compliance of notice issued u/s 142(1) - internal problems in the organization - Tribunal found the appellant's explanation acceptable...