Judgement

The ITAT deletes the Section 271B penalty after holding that the inadvertent Form 3CD audit report error was covered under reasonable cause provisions.

ITAT Deletes Section 271B Penalty, Holds Form 3CD Reporting Error Covered Under Reasonable Cause

The ITAT Chennai has deleted a penalty of Rs 1.50 lakh imposed under Section 271B of the Income Tax Act on Tamil Sports & Recreation Club for failure to obtain a tax audit report. 

ITAT Rules Mutuality Based Club's Liquor Supply to Members Cannot Automatically Trigger Tax Audit Penalty

The ITAT held that the belated filing of the tax audit report was a technical breach since it was submitted before reassessment was completed and considered by the AO.

Section 271B Penalty Is Unsustainable Since AO Considered Tax Audit Report Before Completing Reassessment, Holds ITAT

High Court Quashes SBI Fraud Show Cause Notice Based on Inconclusive Forensic Audit Report

The ITAT deleted a Section 271B tax audit penalty, holding that the assessee's bona fide belief and consistent tax treatment constituted a reasonable cause under Section 273B.

ITAT Deletes Section 271B Penalty for Non-Filing of Tax Audit Report Due to Bona Fide Belief

ITAT condones delayed Form 10B filing, holds exemption under Sections 11 & 12 cannot be denied where audit report was available before CPC processed the return.

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ITAT Deletes Section 271B Penalty, Holds Form 3CD Reporting Error Covered Under Reasonable Cause

ITAT Rules Mutuality Based Club's Liquor Supply to Members Cannot Automatically Trigger Tax Audit Penalty

Section 271B Penalty Is Unsustainable Since AO Considered Tax Audit Report Before Completing Reassessment, Holds ITAT

High Court Quashes SBI Fraud Show Cause Notice Based on Inconclusive Forensic Audit Report

ITAT Deletes Section 271B Penalty for Non-Filing of Tax Audit Report Due to Bona Fide Belief

School Society Lost Income Tax Exemption Due to Late Audit Report Filing; ITAT Grants Relief and Restores Claim