1 year, 7 months ago

Defects In Statement Of Reportable Account Rectified Within The Time Limit: ITAT Deletes Penalty

The Chennai Bench of the Income Tax Appellate Tribunal has deleted the penalty as the defects in the statement of the reportable account were rectified within the time limit.The Bench of V. Durga Rao and Manjunatha, G. has observed that the provisions of sub-section of Section 285BA of the Income Tax Act mandate that the defect be rectified. The Chennai Bench of the Income Tax Appellate Tribunal has deleted the penalty as the defects in the statement of the reportable account were rectified within the time limit. After considering the replies of the Reporting Entity, the Prescribed Authority has observed that the Statement of Reportable Account furnished under Section 285BA was inaccurate on account of the omission of one saving account and 15 Term Deposit accounts. The Reporting Entity submitted that the defects pointed out by the Prescribed Authority were duly rectified, and a revised or corrected Form 61-B was filed well within the time allowed under Section 285BA.

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2 months ago

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1 year ago

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Once Penalty Stood Levied U/s 271A For Non-Maintenance Of Books Of A/c, No Further Penalty U/s 271B Can Be Levied: Mumbai ITAT
1 year ago

Once Penalty Stood Levied U/s 271A For Non-Maintenance Of Books Of A/c, No Further Penalty U/s 271B Can Be Levied: Mumbai ITAT

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PCIT Cannot Enlarge Scope Of Limited Scrutiny By Invoking Sec 263: Chennai ITAT
1 year ago

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ITAT Deletes Penalty For Default In Not Deducting TDS On Foreign Remittances
1 year, 3 months ago

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ITAT Upholds Addition On Account Of Unexplained Cash Deposit Made During Demonetisation
1 year, 8 months ago

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2 years ago

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ITAT Sustains Disallowance As Cash Payment Exceeds Rs. 20,000 To Single Party In Single Day
2 years, 3 months ago

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In The Absence Of A Full And True Disclosure, Reassessment Is Not Barred By Limitation: Madras High Court
2 years, 5 months ago

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Non- Deliberate Delay In Late Filing SFT Return : ITAT Quashes Penalty
2 years, 7 months ago

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SBI Cannot Escape Tax Implication On Grounds Of Change Of Branch Manager: ITAT Refuses To Condone The Delay In Filing Appeal
2 years, 8 months ago

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Other Income Tax Additions In Reassessment Proceedings Cannot Be Sustained If Addition on Primary Grounds Is Not Made: ITAT
2 years, 9 months ago

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Delayed Audit Report Due To the Delay By Statutory Auditors: ITAT Deletes Penalty
2 years, 10 months ago

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