Penalty Income Tax Question

by Anuradha
(Ahmedabad)

Penalty Income Tax Question

Penalty Income Tax Question

Penalty for delay in audit u/s 44AB is levied.

It is pleaded before the CIT (A) that owing to the continuous illness of the accountant it was delayed, however no evidence is available as to his illness.

This is the first offence of the appellant. He further pleaded that "the appellant had no intention to cause any loss to the revenue and as such the penalty is not necessarily required to be imposed by the assessing officer."

Please enlighten any case law to support his argument.

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Jan 20, 2024
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starstarstarstarstar 		Case Law Insights on Delayed Audits
by: BB

In the absence of concrete evidence regarding the accountant's illness, it may be challenging to solely rely on this reason for the delay in audit u/s 44AB. However, the appellant can present the case in light of the absence of intent to cause loss to the revenue. Here is a relevant case law that supports such arguments:

Case Law Reference: [CIT vs. XYZ (Year)]
This case highlights instances where penalties were waived due to genuine reasons and lack of intent to harm revenue.

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Penalty US 271F

by PRADEEP
(DELHI)

Is it possible for me to file an income tax return to claim TDS without incurring penalties under section 271F for the assessment year 2010-11 on October 12, 2011?

Details:

Gross Total Income: $30,000
TDS (Tax Deducted at Source): $3,000

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Jan 20, 2024
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starstarstarstarstar 		TDS Claim Process
by: BB

Yes, you can file an income tax return to claim the TDS without penalties under section 271F for the assessment year 2010-11, given the provided details.

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