Regarding penalty of 271b

This query is : Resolved

ankur agarwal (Querist)
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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??

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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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.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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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.

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