Judgement

An unintentional typographical error in the Tax Audit Report should not lead to an unmerited disallowance if the statutory payments were made in time, holds ITAT.

An Inadvertent Typographical Error in Tax Audit Report Should Not Lead to An Unmerited Disallowance, Rules ITAT

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

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 deleted a Rs 13.01 lakh addition made solely due to an auditor’s erroneous reporting in Form 3CD, holding that taxing already-disclosed income again would amount to double taxation.

ITAT Deletes Addition Arising from Auditor’s Reporting Error in Tax Audit Report

ITAT deletes GP addition after accepting assessee’s reconciliation of alleged scrap stock discrepancy.

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An Inadvertent Typographical Error in Tax Audit Report Should Not Lead to An Unmerited Disallowance, Rules ITAT

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

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

ITAT Deletes Addition Arising from Auditor’s Reporting Error in Tax Audit Report

ITAT Deletes GP Addition Over Alleged Waste Stock Discrepancy in Tax Audit Report