Audit Case
This query is : Resolved
19 May 2009
One assessee having turnover of more than 40 Lakhs didnot audited his account, filled IT Return for A.Y.2005-06 on 30th July 2005.The return was processed u/s. 143(1) on 10 April 2006.Show cause notice u/s 274 r.w. Sec. 271B was issued by ACIT on 15June 2006. ACIT passed penalty order on 30Jan.2007.
Whether penalty order is passed within limitation u/s.275?, If assessee does not maintain books of account,then what will happen?, What other way you suggest?..
Whether penalty order is passed within limitation u/s.275?, If assessee does not maintain books of account,then what will happen?, What other way you suggest?..
19 May 2009
Penalty order is with in time prescribed u/s 275. If assessee doesn't maintain books of accounts penalty u/s 271A will sustain and 271B penalty will not withstand.
Citation:-CIT Vs. Bisauli Tractors (2008)299 ITR 219(All)
Citation:-CIT Vs. Bisauli Tractors (2008)299 ITR 219(All)
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- ITR 2 Short Term gain & Long term gain
- Itr 1 processing
- Reporting Income under Section 44ADA
- Off Market debit and credit transaction
- Showing Gift from relative in ITR for this year
- ITR validation error - Balance sheet is not filled
- ITR 1: Details for showing Exempt Income
- ITR returnFY25-26
- Share accounting-->fifo - capital gain - period as per fifo?
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
