Income Tax : The Tribunal held that penalty under section 271(1)(c) cannot be imposed when errors are voluntarily corrected during assessment. ...
Income Tax : A summary of key penalties under the Income Tax Act for AY 2026-27, covering defaults from late filing and non-payment to misrepor...
Income Tax : ITAT Delhi held penalty u/s 271(1)(c) unsustainable as 54F exemption failed due to builder delay, not taxpayer’s fault. Full dis...
Income Tax : Understand why an income-tax penalty under Section 271(1)(c) is invalid if the charge isn't specified as concealment or inaccurate...
Income Tax : Learn how taxpayers can defer income tax penalty proceedings when quantum additions are under appeal. Understand legal grounds and...
Income Tax : The Committee recommends that the scope of Section 273B should be suitably enlarged to provide that penalty for concealment of inc...
Income Tax : The Delhi ITAT upheld deletion of a penalty after finding that the show-cause notice failed to specify the applicable limb of Sect...
Income Tax : ITAT Ahmedabad held that unsecured loan additions could not be sustained where the assessee furnished confirmations, bank statemen...
Income Tax : The Bangalore ITAT held that a disallowance under Section 14A read with Rule 8D cannot survive without the Assessing Officer recor...
Income Tax : The Tribunal found no distinguishing factors between the assessee and another liquor trader whose GP rate of 3.13% had been accept...
Income Tax : The assessee argued that payment of advance tax demonstrated absence of concealment. The High Court held that a subsequent conscio...
Income Tax : Section 270AA of the Income-tax Act, 1961 (the Act) inter alia provides that w.e.f. 1 st April, 2017, the Assessing Officer, on an...
The Delhi ITAT upheld deletion of a penalty after finding that the show-cause notice failed to specify the applicable limb of Section 271(1)(c). The ruling reiterates that an ambiguous penalty notice can invalidate penalty proceedings.
ITAT Ahmedabad held that unsecured loan additions could not be sustained where the assessee furnished confirmations, bank statements, and tax records, and the Revenue failed to establish any cash trail or nexus with alleged accommodation entries.
The Bangalore ITAT held that a disallowance under Section 14A read with Rule 8D cannot survive without the Assessing Officer recording satisfaction regarding the incorrectness of the assessee’s claim. The Tribunal deleted the disallowance after finding non-compliance with Section 14A(2).
The Tribunal found no distinguishing factors between the assessee and another liquor trader whose GP rate of 3.13% had been accepted by the Department. In the absence of justification for a higher rate, the GP estimation was reduced from 4% to 3.13%.
The assessee argued that payment of advance tax demonstrated absence of concealment. The High Court held that a subsequent conscious claim of exemption and refund amounted to furnishing inaccurate particulars, attracting penalty.
The reassessment was based on documents found during a search conducted on another person. The Tribunal held that proceedings should have been initiated under Section 153C and not under Sections 147/148, rendering the reassessment invalid.
Tribunal directed inclusion of Cyber Media Research Limited after finding that market research and consultancy services were comparable to the assessee’s support service activities. Earlier Tribunal rulings supporting comparability were followed.
The Tribunal held that accounting treatment in the Profit and Loss Account does not determine taxability of a receipt. Principal loan waiver remained non-taxable despite being shown as extraordinary income in accounts.
The Tribunal held that levy of penalty under Section 271(1)(c) was not justified in a case involving deemed rental income addition. It observed that the legal position on the issue was debatable during the relevant assessment year.
ITAT Hyderabad held that the reassessment notice issued for AY 2015-16 after 31.03.2022 was barred by limitation under the first proviso to Section 149 and therefore invalid.
