No Penalty u/s 271B Possible in Three Circumstances !

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Penalty u/s 271B of the Income Tax Act is imposed for not complying with the provision of tax audit under section 44AB of the I.T.Act. Now , it is generally known that incomeĀ  tax law provides u/s 44AB that certain persons earning income will have to not only mention books of accounts , but also get his/its books audited by a chartered accountant if the turnover or gross receipts crosses a limit. Assessing officers however initiates the penalty proceeding very casually and their actions have been nullified by the higher judicial authorities . This post is going to bring before five such circumstances in which the judicial authorities haveĀ  found penalty initiation u/s 271B of the Income Tax Act wrong .

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