Income Tax : Understand the requirements and penalties associated with Statement of Financial Transaction. Learn about furnishing, rectifying d...
Income Tax : Avoid penalty u/s. 271FA for non-filing of Annual Information Return (AIR). Learn about the due date and consequences of non-compl...
Income Tax : Dont miss the deadline! File your belated income tax return by 31st March, 2020 to avoid penalties. Learn more about the amended S...
Income Tax : Learn about the penalty provisions of section 271FA of the Income Tax Act and understand the consequences of failing to furnish th...
Income Tax : Understand the Statement of Financial Transactions (SFT) requirement under Section 285BA of the Income Tax Act. Learn who needs to...
Income Tax : Read about the case of Waghodia Urban Co. Op. Bank Limited vs. Director of Income Tax regarding a penalty levied under Section 271...
Income Tax : Read about Durgapur Steel Peoples’ Cooperative Bank Ltd vs Director of Income Tax case. ITAT Kolkata rules that non-filing of SF...
Income Tax : Explore the detailed analysis of Kesar Alloys & Metals Pvt. Ltd. vs. Director of Income Tax (ITAT Indore) case, focusing on penalt...
Income Tax : Explore the detailed analysis of the penalty imposed on Jhalawar Kendriya Sahakari Bank Ltd. by ITAT Jaipur in the case against AD...
Income Tax : Read how ITAT Delhi cancelled penalty u/s 271FA in Motor & General Finance Ltd. Vs ACIT case due to absence of reportable transact...
Read about the case of Waghodia Urban Co. Op. Bank Limited vs. Director of Income Tax regarding a penalty levied under Section 271FA for delay in filing SFT-005, where the excuse of server issue was dismissed.
Read about Durgapur Steel Peoples’ Cooperative Bank Ltd vs Director of Income Tax case. ITAT Kolkata rules that non-filing of SFT return isn’t grounds for penalty under Section 271FA.
Explore the detailed analysis of Kesar Alloys & Metals Pvt. Ltd. vs. Director of Income Tax (ITAT Indore) case, focusing on penalty levied under section 271FA of the Income Tax Act, 1961.
Explore the detailed analysis of the penalty imposed on Jhalawar Kendriya Sahakari Bank Ltd. by ITAT Jaipur in the case against ADIT (I&CI) for the assessment year 2019-20.
Read how ITAT Delhi cancelled penalty u/s 271FA in Motor & General Finance Ltd. Vs ACIT case due to absence of reportable transactions.
ITAT Delhi held that disallowance under section 40A(2)(b) of the Income Tax Act on merely estimating that more income should have been earned from sub-contracting without bringing any comparable figures is unsustainable in law.
Explore the case of Dr. Babasaheb Ambedkar Urban Cooperative Bank Ltd. vs. DIT where penalty under Section 271FA for non-filing of AIR was deleted due to reasonable cause.
The Kerala High Court rules in favor of Director of Income Tax in Sub Registrar vs Director of Income Tax, asserting that the bonafide impression of AIR submission by a predecessor isn’t a “reasonable cause” for 526-day delay.
ITAT Bangalore held that co-operative bank is liable to furnish AIR only after 01.04.2016 in view of amendment under Rule 114E of Income Tax Rules, 1962. Accordingly, imposition of penalty u/s 271FA prior to 01.04.2016 is unsustainable.
A penalty of was levied under section 271FA of Income Tax Act, 1961. The assessee’s subsequent appeal, stating that SFT was filed when e-filing portal was available, lacked supporting evidence and hence did not hold in court.
