Regarding penalty of 271b
This query is : Resolved
26 November 2018
sir,
In AY 16-17 my turnover in intraday transaction in shares was 21 crore but I got loss of 4,50,000/- but at that time I was not aware about tax audit,
now I got notice from IT department & AO is saying about to levy the penalty u/s 271B i.e. .5% of turnover or 1,50,000/- whichever is less.
is it possible that AO can wave off the penalty??
In AY 16-17 my turnover in intraday transaction in shares was 21 crore but I got loss of 4,50,000/- but at that time I was not aware about tax audit,
now I got notice from IT department & AO is saying about to levy the penalty u/s 271B i.e. .5% of turnover or 1,50,000/- whichever is less.
is it possible that AO can wave off the penalty??
26 November 2018
AO can waive, if you can prove before him that the failure was not deliberate and
there was a reasonable cause for the same. Pl see section 273B.
there was a reasonable cause for the same. Pl see section 273B.
26 November 2018
you may refer to this case : https://taxguru.in/income-tax/penalty-for-not-getting-accounts-audited-not-leviable-for-bona-fide-reliance-on-icai-note-on-tax-audit-us-44ab.html
But your age may not help your case.
But your age may not help your case.
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