Can penalty u/s 271b imposed for nonaudit of partial turnove
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 December 2011
My client is subjected to IT scrutiny.. He has audited his accounts for 1 business and filed the same..
But during the course of scrutiny, the ITO detected another business for which the assesse concealed.
Now the ITO is proposing penalty u/s 271B for the 2 business TO for non audit of accounts..
Is it right?
How can I safegaurd him from this penalty..
Please guide me ,
Thanks in anticipation..
But during the course of scrutiny, the ITO detected another business for which the assesse concealed.
Now the ITO is proposing penalty u/s 271B for the 2 business TO for non audit of accounts..
Is it right?
How can I safegaurd him from this penalty..
Please guide me ,
Thanks in anticipation..
15 December 2011
Penalty u/s 271B can be imposed only for the non-audited business.
Karnataka High Court decision in CIT V Dr.K.Satish Shetty can be cited.
Karnataka High Court decision in CIT V Dr.K.Satish Shetty can be cited.
Message likes :
1 times
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
- Fixe term employment
- Is any professional CA is here please reply
- GST ITC REVERSE
- Section 50-fixed asset-->building ceases to exist
- Reprocessing of rectification order AY 2025-26
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Putting a heading on received mail
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Gift Received from nonblood relative
- Consolidated financials
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
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
