Levy of penalty for failure to file audit report under Income Tax for international transaction

By | May 20, 2017
(Last Updated On: May 20, 2017)

Levy of penalty for failure to file audit report

The Mumbai Bench of Income-tax Appellate Tribunal upheld a penalty levy for the taxpayer’s failure to file an audit report with respect to its international transaction of receiving foreign remittance from its non-resident Indian director (also a beneficial shareholder) on account of share capital and share premium. The case is: BNT Global Pvt. Ltd. Read a May 2017 report [PDF 318 KB] of KPMG

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