Penalty u/s 271B for Not Filing Audit Report: ITAT upholds Order [Read Order]

The minimum penalty imposable under section 271 B of the Income Tax Act is Rs. 1.5 lakhs
By Varda Marakkar - On July 27, 2024 12:14 pm - 2 mins read
Penalty under section 271B - ITAT - Audit Report - Income Tax Appellate Tribunal - under section 271 - income tax news - ITAT Chennai - taxscan

Recently the Income Tax Appellate Tribunal (ITAT) Chennai dismissed an appeal made for the deletion of penalty imposed under section 271 of the Income Tax Act 1961 (ITA), as ordered by the Commissioner of Income Tax (Appeals) [CIT (A) ] The appellant, Goodwill Team Papers Limited, did not file the Income tax return as given…

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