Income Tax Penalty

Various Threshold Limits under Income Tax Act [AY 2018-19]

Income Tax - In Respect of exemptions, deduction etc Income Tax imposes various threshold limit. Like in respect of Tax Rates or in respect of deduction under section 80C, 80D, 80U etc. Some of the Popular Limits are Tax Rates , Conveyance Allowance, HRA, Home Loan Interest, Deduction Under Section 80C, Leave Encashment, Gratuity, Medical ...

Read More

Heavy Penalty: A measure to ensure timely Income Tax Return Filing

Income Tax - Where a person required to furnish a return of income under Section 139, fails to do so within the time prescribed in sub-section (1) of said section, he shall pay, by way of fee, a sum of- (a) Five thousand rupees, if the return is furnished on or before the 31st day of December of the assessment year; (b) Ten thousand rupees, in any oth...

Read More

Penalty on CA & professionals for incorrect report or certificate

Income Tax - It is proposed to insert a new section 271J so as to provide that if an accountant or a merchant banker or a registered valuer, furnishes incorrect information in a report or certificate under any provisions of the Act or the rules made thereunder, the Assessing Officer or the Commissioner (Appeals) may direct him to pay a sum of ten thou...

Read More

Rationalise Penalty U/s. 271B- Suggestions For Budget 2017-18

Income Tax - Articles gives Suggestions For Budget 2017-18 - Rationalization Of Penalty Provisions U/s. 271B For Non / Delayed Filing Of Tax Audit Report...

Read More

Issue of Imposition of Penalty u/s 270A of Income Tax Act,1961

Income Tax - Demonetization of Indian High Value Currency Notes is creating havoc and sheer chaos in the Indian Markets. Amidst such a scenario, rumours are spreading on imposition of 200% penalty by the Income Tax Department on the cash deposited in banks by the assessee’s....

Read More

Prescribing One Year Time Limit for Disposal of Petitions for Waiver of Penalty/ Interest U/s. 273A, 273AA and 220(2A)

Income Tax - Click here to join Online GST Certification Course Jointly by GST Professionals & Taxguru.in Recommendations For Prescribing Time Limit Of One Year For Disposal Of Petitions For Waiver Of Penalty And Interest Under Sections 273A, 273AA and 220(2A) Whereas, a time limit of 1 year for disposal of a tax payer’s Revision Petition u/...

Read More

Mere voluntary disclosure does not release assessee from penalty

Samson Maritime Ltd. Vs Commissioner of Income Tax (Bombay High Court) - Apex Court in MAK Data P. Ltd., v/s. Commissioner of Income Tax 358 ITR 593, that voluntary disclosure itself does not release the assessee from penal consequences. ...

Read More

No Penalty for making untenable Claim on Professional advice

Commissioner of Income Tax Vs Smt. Anita Kumaran (Madras High Court) - To our mind, in the instant case, what has emerged is that the Assessee, having realised that the expenditure claimed towards travelling under Section 57 of the Act was not tenable, offered the amounts expended to be added to her income and, accordingly, paid the requisite tax and interest upon the...

Read More

Penalty cannot be levied for bonafide mistakes in making wrong claim

Wadhwa Estate & Developers India Pvt. Ltd Vs ACIT (ITAT Mumbai) - Aforesaid appeal by the assessee is directed against order dated 30th December 2015, passed by the learned Commissioner (Appeals)– 53, Mumbai, confirming penalty imposed of Rs. 2,57,246, under section 271(1)(c) of the Income Tax Act, 1961 (for short the Act) for the assessment year 2011-12....

Read More

Penalty not to be levied if quantum appeal is admitted by High Court

CIT Vs Advaita Estate Development Pvt. Ltd (Bombay High Court) - It upheld the view of the Tribunal that the imposition of penalty was not justified as admission of appeal in quantum proceeding on this issue as substantial question of law was proof enough of the issue being debatable....

Read More

Delhi HC Explains Section 271(1)(c) penalty read with Explanation 5

PR. Commissioner of Income Tax Vs Shri Neeraj Jindal (Delhi High Court) - These four appeals by the revenue, under Section 260-A of the Income Tax Act, ("the Act") are directed against four separate orders of the Income Tax Appellate Tribunal (Delhi Bench) (“ITAT”) for AY 2005-06 and 2006- 07. The following common question of law was framed for decision by this court...

Read More

Limitation for penalty proceedings U/s. 271D & 271E

Circular No. 10/2016-Income Tax - (26/04/2016) - It is a settled position that period of limitation of penalty proceedings under section 271D and 271E of the Act is governed by the provisions of section 275(1)(c) of the Act. Therefore, the limitation period for the imposition of penalty under these provisions would be the expiry of the financial y...

Read More

Limitation commencement for penalty proceedings U/s. 271D &271E

Circular No. 09/DV/2016 (Departmental View) - (26/04/2016) - It has been brought to notice of CBDT that there are conflicting interpretations of various High Courts on the issue whether the limitation for imposition of penalty under sections 271D and 271E of the Income tax Act, 1961commences at the level of the Assessing Officer (below the rank of Joint Commi...

Read More

Recent Posts in "Income Tax Penalty"

Various Threshold Limits under Income Tax Act [AY 2018-19]

In Respect of exemptions, deduction etc Income Tax imposes various threshold limit. Like in respect of Tax Rates or in respect of deduction under section 80C, 80D, 80U etc. Some of the Popular Limits are Tax Rates , Conveyance Allowance, HRA, Home Loan Interest, Deduction Under Section 80C, Leave Encashment, Gratuity, Medical ...

Read More
Posted Under: Income Tax | ,

Mere voluntary disclosure does not release assessee from penalty

Samson Maritime Ltd. Vs Commissioner of Income Tax (Bombay High Court)

Apex Court in MAK Data P. Ltd., v/s. Commissioner of Income Tax 358 ITR 593, that voluntary disclosure itself does not release the assessee from penal consequences. ...

Read More

No Penalty for making untenable Claim on Professional advice

Commissioner of Income Tax Vs Smt. Anita Kumaran (Madras High Court)

To our mind, in the instant case, what has emerged is that the Assessee, having realised that the expenditure claimed towards travelling under Section 57 of the Act was not tenable, offered the amounts expended to be added to her income and, accordingly, paid the requisite tax and interest upon the same. In our opinion, this was not a ca...

Read More

Penalty cannot be levied for bonafide mistakes in making wrong claim

Wadhwa Estate & Developers India Pvt. Ltd Vs ACIT (ITAT Mumbai)

Aforesaid appeal by the assessee is directed against order dated 30th December 2015, passed by the learned Commissioner (Appeals)– 53, Mumbai, confirming penalty imposed of Rs. 2,57,246, under section 271(1)(c) of the Income Tax Act, 1961 (for short the Act) for the assessment year 2011-12....

Read More

Penalty not to be levied if quantum appeal is admitted by High Court

CIT Vs Advaita Estate Development Pvt. Ltd (Bombay High Court)

It upheld the view of the Tribunal that the imposition of penalty was not justified as admission of appeal in quantum proceeding on this issue as substantial question of law was proof enough of the issue being debatable....

Read More

Delhi HC Explains Section 271(1)(c) penalty read with Explanation 5

PR. Commissioner of Income Tax Vs Shri Neeraj Jindal (Delhi High Court)

These four appeals by the revenue, under Section 260-A of the Income Tax Act, ("the Act") are directed against four separate orders of the Income Tax Appellate Tribunal (Delhi Bench) (“ITAT”) for AY 2005-06 and 2006- 07. The following common question of law was framed for decision by this court...

Read More

Heavy Penalty: A measure to ensure timely Income Tax Return Filing

Where a person required to furnish a return of income under Section 139, fails to do so within the time prescribed in sub-section (1) of said section, he shall pay, by way of fee, a sum of- (a) Five thousand rupees, if the return is furnished on or before the 31st day of December of the assessment year; (b) Ten thousand rupees, in any oth...

Read More
Posted Under: Income Tax | ,

Section 271(1)(c): No Penalty for Section 50C addition unless concealment proved

DCIT Vs Trans Freight Containers Ltd. (ITAT Mumbai)

The addition has been made invoking the deeming provisions of section 50c of the Act. There is no finding that the actual sale consideration is more than that mentioned in the sale agreement....

Read More

Limitation period U/s. 275(1)(c) not applies to penalty proceeding U/s. 271D & 271E

CIT Vs Hissaria Brothers (Supreme Court of India)

Penalty proceedings for default in not having transactions through the bank as required under Sections 269SS and 269T are not related to the assessment proceeding but are independent of it....

Read More

Penalty on CA & professionals for incorrect report or certificate

It is proposed to insert a new section 271J so as to provide that if an accountant or a merchant banker or a registered valuer, furnishes incorrect information in a report or certificate under any provisions of the Act or the rules made thereunder, the Assessing Officer or the Commissioner (Appeals) may direct him to pay a sum of ten thou...

Read More
Posted Under: Income Tax |
Page 1 of 1012345...10...Last »

Browse All Categories

CA, CS, CMA (3,378)
Company Law (3,266)
Custom Duty (6,440)
DGFT (3,357)
Excise Duty (4,002)
Fema / RBI (3,177)
Finance (3,330)
Income Tax (24,541)
SEBI (2,667)
Service Tax (3,269)

Search Posts by Date

May 2017
M T W T F S S
« Apr    
1234567
891011121314
15161718192021
22232425262728
293031