Failure to deduct TDS / TCS in full and part,  Quoting false TAN in challan/ statements, Failure to apply for TAN, Failure to furnish e TDS statement / TDS certificate, Failure to comply with department letter, Failure to furnish information required u/s. 133B, Failure to apply for PAN / TCN, Failure to keep and maintain [...]

Merely because a claim (per the return of income) is a legal claim, or has a legal aspect to it – which would be in each case – the same by itself cannot be a cause for non levy of penalty in every case, as where there is no valid basis for the same (i.e., [...]

We are of the considered opinion that the transaction in respect of the share trading was duly disclosed at the time of filing of the return. Some of the income was shown as long-tern capital gain and part of the income was also shown as speculative business in shares/scripts trading. As per the annexures, the [...]

Director of assessee company Mr. Varun Sarup Agarwal issued a cheque on 1.2.2007 on behalf of the assessee company for payment of rent and assessee company opened its account after issuance of this cheque. The amount of Rs. 2 lakh was deposited in the bank account of Mr. Varun Sarup Agarwal with a bona fide [...]

In exercise of the executive powers and while framing rule 6F of Income-tax Rules, the executive authorities prescribed the books of account in respect of professionals in Rule 6F(1) of the Act. We find that there is an obvious omission in respect of civil contractor in Rule 6F(1) of the I.T. Rules. This Tribunal is [...]

In the present case, the AO had levied penalty under s. 271(1)(c) of the Act, for furnishing inaccurate particulars of income. It is not under dispute that the assessee had claimed wrong depreciation on account of additions made in the machinery and factory building accounts, which has been surrendered by the assessee to buy peace [...]

In the present case, the first show cause notice for initiation of proceedings was issued by the AO on 25.03.2003 and was served on the assessee on 27.03.2003. Obviously, the later period also expired on 30.09.2003 when six months expired from the end of the month in which the action for imposing the penalty was [...]

Penalty proceeding u/s 271(1)(c ) imposed on the basis of that the assessee declared short term gains on the sale of the stock options instead of long term capital gains is not justified. The question whether the sale of the stock options would result in long term capital gains or short term gains was not [...]

It is noticed that the respondent issued a notice to the petitioner under section 271FA on February 23, 2010, requiring him to attend his office on March 11, 2010, and show cause as to why the penalty under section 271FA should not have been imposed upon him for failure to file the annual information returns [...]

The provisions of Penalty levied u/s 272B of Income Tax Act, 1961 are prospective i.e. it is applicable from the date of insertion of sub-clause (iv) to section 139A(5B) of the Act i.e. 01.06.2006.