Oct 29, 2025
Tax Audit Deadline Extended 2025: 7 Key Updates on Income Tax Audit Deadline Extension Announced by CBDT
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Tax Audit Deadline Extended 2025: 7 Key Updates on Income Tax Audit Deadline Extension Announced by CBDT
Sec. 271B No penalty on club having bonafide belief of mutuality
Sec. 271B No penalty on club having bonafide belief of mutuality
Brief of the Case
Karnataka High Court held In the case of M/s Koramangala Club vs. ITO that it is clear that the assessee was under the bonafide belief that the provisions of Section 44AB were not applicable to a Club, while supplying beverages, liquor etc., to its members as it was not engaged in any business, but only a mutuality. As per section 271B, no penalty shall be leviable to a person…
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Penalties and Prosecutions Under the Income tax Act, 1961
Penalties and Prosecutions Under the Income tax Act, 1961
Penalties and Prosecutions
Default in complying with provisions of or with conditions prescribed under the Income-tax Act would attract certain penalty and in critical cases prosecutions as well. The document will provide you information about the punishable offences, prosecutions and the quantum of penalties that can be imposed under the law. (more…)
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Penalty U/s. 271B by ITO exceeding Rs. 10,000 in absence of prior approval of Joint Commissioner not valid
Penalty U/s. 271B by ITO exceeding Rs. 10,000 in absence of prior approval of Joint Commissioner not valid
CA Sandeep Kanoi
In this case Income tax Officer has imposed penalty under section 271B exceeding Rs. 10,000 without prior approval of Joint Commissioner.
Learned Counsel for the Assessee submitted that the order imposing penalty does not disclose that prior approval of the Joint Commissioner was obtained in either of the two cases. He drew our attention to a judgment of this Court in the case…
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No Penalty U/s. 271B for by mistake filing of unsigned report of auditor
The only defect which could be pointed out by the department is that the auditor’s report was unsigned and unverified. The said defect indisputably has been removed by filing the certificate of auditor and also the signed report. In our view, it was a…
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Tax Audit Provision applies to Income From Partnership Firm
The brief facts of the case are that the AO observed from the return of income filed by the assesee that the assessee’ s income included income from salary from Price Water House of which he was a partner. Since income by way of salary or remuneration…
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Tax Audit applicable to Partners on Income from Partnership Firm
The short issue in this appeal is whether or not penalty under section 44AB will also be attracted in the case in which the professional income of the assessee received from partnership firm of Chartered Accountants is taxable under the head “income from…
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