Penalty u/s. 271B - delay in obtaining Tax Audit Report - Being ...

Public Sector Unit Delays Tax Audit Report Due to Late Completion of Statutory Audit; No Penalty Imposed.

March 19, 2022

Case Laws Income Tax AT

Penalty u/s. 271B - delay in obtaining Tax Audit Report - Being a public sector unit, the assessee company after completion of statutory audit under Companies Act is required to obtain report by CAG. The assessee accounts for the year ended 31.03.13 were not finalized and audited before the specified dated i.e. 30th September 2013. The statutory audit was completed only on 23rd January 2014 and the reports from the CAG was obtained in March 2014, thereafter the tax audit report was undertaken only after April 2014 and the report u/s. 44AB was obtained on 17th September 2014. - No penalty - AT

View Source

← Previous Next →

Penalty u/s. 271B - delay in obtaining Tax Audit Report - Being ...

Public Sector Unit Delays Tax Audit Report Due to Late Completion of Statutory Audit; No Penalty Imposed.

March 19, 2022

Case Laws Income Tax AT

You may also like:

Tribunal found assessee had reasonable cause for delay in furnishing Tax Audit Report due to delay in finalization of statutory audit arising from dispute between Board...

Levy of penalty u/s 271B - failure to get the accounts audited and furnished the audit report before the specified due date - Statutory auditors appointed by the CA&G -...

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...

CBDT extends due date for filing Income Tax Returns and Tax Audit Reports

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...

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...

Levy of penalty u/s 271B - Sufficient / reasonable cause for the delay in filing the tax audit report. - The appellant argued that the delay was due to the late receipt...

Penalty levied u/s 271B - tax audit report - In our view, strained relationship with the earlier CA would constitute reasonable cause. The tax authorities have pointed...

Penalty u/s 271B - delay in filing tax audit report - reasonable / bonafide cause - The assessee is not a habitual defaulter for filing the tax audit report. Therefore,...

Penalty u/s 271B - Delay in filing the tax audit report - delay occurred due to the Accountant leaving the job abruptly and it took time for the new Accountant to...

The court rejected the petitioner's application for condonation of a 216-day delay in filing their Income Tax Returns (ITRs). The reasons cited by the petitioner, delay...

Registration u/s 12A - Rejection of petitioner's application u/s 119(2)(b) for delay in filing audit report in Form-10B. Held that petitioners are entitled to succeed....

ITAT upheld penalty under s271B for failure to furnish tax audit report per s44AB requirements. Assessee's turnover of Rs.8,53,66,166/- exceeded statutory threshold,...

Validity of show cause notice (SCN) u/s 73 - demand based on improper Audit Report u/s 65(3) - In the present case, what is found from perusal of the show cause notice...

Penalty levied u/s 271B - delay in filing the audit report under section 44AB - reasonable cause of delay - The delay was caused due to search conducted by the...

Quick Updates: