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Income Tax - Highlights / Catch Notes

Home Highlights January 2014 Year 2014 This

Penalty u/s 271B - Tax Audit - It does not differentiate between ...

Income Tax

January 31, 2014

Penalty u/s 271B - Tax Audit - It does not differentiate between commodities sold under the head speculative business or normal business - penalty confirmed - AT

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  1. Levy of penalty u/s 271B – Delay in getting and furnished Tax Audit report - delay in completion of statutory audit was reasonable cause for non-compliance with section...

  2. Penalty u/s 271B - threshold limit for getting its account audited u/s 44AB - Business activity or professional activity - gross receipts were only ₹ 42 lakhs -...

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

  4. Penalty u/s 271B - Determination of turnover of the assessee for Tax Audit u/s 44AB - turnover in respect of the speculative transactions shall be positive and negative...

  5. Penalty u/s 271B - delay in filing return - E-filing - non furnishing of tax audit report before the specified date - Penalty confirmed - AT

  6. Penalty u/s 271B - accounts of the assessee from speculative business were not audited u/s 44AB - the notional value of such speculative transactions cannot be held as...

  7. Loss on commodity transactions is a normal business loss and allowed to be set off against the speculative income - AT

  8. 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

  9. 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

  10. Penalty u/s 271B - delay in completion of statutory audit was reasonable cause for non- compliance with section 44AB - penalty cancelled - AT

 

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