Tag Archives: audit report Penalty income tax

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

By | 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.… Read More »