WebApr 29, 2014 · Cited By: 0...:- 2 -: pertaining to assessment year 2011-12 confirming the penalty levied u/s.271Bpenalty u/s.271B should not be invoked, dated 28.08.2014 was … WebMar 8, 2024 · The Assessing Officer assessed a penalty of Rupees 83,680/- under Section 271B of the Income Tax Act 1961 because the Assessee failed to submit the tax audit report required by Section 44AB of the Act by the deadline. However, in the present case, the audit report required by Section 44AB of the Income Tax Act 1961 was submitted with the …
Section 271B : 12 Reasonable Cause for Non Imposition of Penalty
WebList of Reasonable Cause for Non-Imposition of Penalty u/s 271B Approved by High Courts. Audit Report Obtained, But Delay Because of Late Filing of Tax Return– CIT vs K.K. Spun … WebApr 12, 2024 · The Bangalore bench of the Income Tax Appellate Tribunal (ITAT) has recently held that provisions of Section 44 of the Income Tax Act, 1961 are not applicable if turnover of assessee less than prescribed limit therefore the tribunal deleted the penalty levied under Section 271B of the Income Tax Act 1961. riverhorse on main park
Penalties levied u/s 271A (44AA) & 271B (44AB) - Digest of case …
The penalty provisions under section 271Bapply under any of the following circumstances – 1. The assessee fails to get his accounts audited, as required under section 44AB, in respect of any previous year/ years; or 2. The assessee fails to furnish a tax audit report as required under section 44AB of the … See more As seen above, the penalty under section 271Bis leviable on the assessee who fails to get their accounts audited. Hence, it is important to go through the list of the assessee who is required to get their accounts audited. The … See more The penalty payable under section 271Bwould be lower of the following – 1. 0.5% of the total sales / total turnover or gross receipt in case of business (0.5% of the gross receipts in case of the profession); or 2. INR … See more Q.1 What is Section 271b of the Income Tax Act? Ans: Section 271b of the Income Tax Actis a penalty provision, which penalizes the assessee who fails to get the accounts audited … See more WebThe AO levied penalty u/s 271B for failure to get accounts audited u/s 44AB of the Income-tax Act, 1961. According to the AO, the assessee failed to explain reasonable and sufficient cause for not getting the accounts audited even though its gross receipts from business exceeded the prescribed limit provided for audit of accounts. The facts ... Web2 days ago · Provisions of S.44 AB of the Act are not applicable if Turnover of Assessee less than Prescribed Limit: ITAT delete Penalty u/S 271B [Read Order] ... 1961 are not applicable if turnover of assessee less than prescribed limit therefore the tribunal deleted the penalty levied under Section 271B of the Income Tax Act 1961. Section 44AB of the […] riverhorse on main park city menu