Section 271B in The Income Tax Act, 1961 [Entire Act]
Section 271B in The Income Tax Act, 1961
271B. [ Failure to get accounts audited. [Inserted by Act 21 of 1984, Section
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1 - 10 of 3558 (1.13 seconds)The D.C.I.T. vs Mangal Dayak Chit Fund (P) Ltd. ... on 31 August, 2004
failed to do so levied penalty under Section 271B.
3.3 On appeal, the first appellate authority on the ground that a Chit Fund Company cannot ... assessee had violated the Act and penalty was rightly levied under Section 271B of the Act.
4.2 He referred to the Board's Circular
Abhay Kumar And Co., Mehta Vegetables ... vs Union Of India (Uoi) And Ors. on 14 April, 1986
have been made, one regarding the validity of Section 44AB and Section 271B of the Income-tax Act and second, regarding interpretation of
44AB ... 271B of the Income-tax Act. Sections 44AB and 271B were introduced by the Finance Act of 1984, which read as under :
"44AB. Every
Commissioner Of Income Tax vs U.P. Co-Operative Cane Union ... on 3 May, 2005
cancelling levy of penalty of Rs. one lakh under Section 271B of the IT Act, 1961, for the asst ... report resulting in levy of penalty of Rs. one lakh under Section 271B of the Act by the assessing authority. The penalty imposed was affirmed
Commissioner Of Income-Tax vs Capital Electronics (Gariahat) on 11 February, 2003
Appellate Tribunal is justified in cancelling the penalty imposed under Section 271B of the Act on the ground that there was no absolute default ... explanation with regard to the reasonable cause for default contemplated under Section 271B in respect of furnishing the audited accounts required under Section 44AB
Bangalore Steel Distributors vs Income-Tax Officer on 3 February, 1994
appeals relate to penalty levied by the Income-tax Officer under Section 271B for failure on the part of the assessee to comply with ... into consideration the objections of the assessee, ultimately levied penalties under Section 271B on account of default on the part of the assessee
A.C.I.T. vs Amar Chand Raj Kumar [Alongwith ... on 9 December, 2003
erred in deleting the penalty imposed u/s 271B of I.T. Act, 1961 for not complying with the provisions of section 44AB within ... days. Thereafter the AO issued a show cause notice u/s 271B dated 5.11.92 asking the assessee as to why the penalty should
Assistant Commissioner Of Income-Tax vs Gayatri Traders on 30 April, 1996
Commissioner of Income-tax (Appeals), Hyderabad, cancelling the penalty
levied under Section 271B of the Income-tax Act, 1961, for the assessment years ... under Section 44AB and that no penalty can be levied under Section 271B for the mere delay in complying with the provisions of Section 44AB
Bajrang Oil Mills vs Income Tax Officer on 2 August, 2006
April, 2001 sustaining the penalty levied against the assessee-appellant under Section 271B for failure on the part of the assessee to get its accounts ... compulsory audit as required under Section 44AB has been provided under Section 271B by way of levy of penalty.
7. In response to notice
Commissioner Of Income-Tax vs Ashoka Dairy on 7 January, 2005
Karnal, who deleted the penalty of Rs. 1 lakh imposed under Section 271B of the Income-tax Act, 1961 by the Assessing Officer ... Assessing Officer accepted the return but initiated penalty proceedings under Section 271B on account of delayed filing of the same. In its reply, the assessee