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Income Tax - Highlights / Catch Notes

Home Highlights March 2015 Year 2015 This

Penalty u/s 271B - Filing of audit report is not mandatory and ...

Income Tax

March 11, 2015

Penalty u/s 271B - Filing of audit report is not mandatory and it is directory - The retention of seized/impounded books of accounts and documents is evidenced - delay was not intentional - penalty waived - HC

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  2. Levy of penalty u/s. 271B - default in furnishing of Tax Audit Report - In section 271B of the Act, the only requirement is to get the accounts of assessee audited or...

  3. Levy penalty u/s. 271B - not filing tax audit report within the due date specified under the Act - When audit report was obtained within due date, merely for delay in...

  4. 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...

  5. Penalty u/s 271B - assessee had failed to get his account audited u/s 44AB - The assessee explained that the delay in furnishing the Audit Report was due to the death of...

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  7. 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

  8. 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

  9. Penalty levied u/s 271B - assessee has filed the tax audit report belatedly - business of the assessee was totally came to a standstill and matters went to a very...

  10. Penalty u/s 271B - imposition of penalty u/s 271B is discretionary not mandatory as word used in section is "may" - no penalty if there is existence of reasonable cause.

 

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