Income Tax Penalty

Steep Increase in Penalty for failure to furnish SFT or reportable a/c

Income Tax - Section 271FA of the Act provides that if a person who is required to furnish the statement of financial transaction or reportable account under sub-section (1) of section 285BA, fails to furnish such statement within the prescribed time, he shall be liable to pay penalty of one hundred rupees for every day of default....

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Appeal against penalty imposed by CIT (Appeals) U/s. 271J

Income Tax - Section 253 of the Act inter-alia provides that any assessee aggrieved by any of the orders mentioned in sub-section (1) of the said section may appeal to the Appellate Tribunal against such order....

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5 Ways to avoid Income Tax Penalties

Income Tax - We are morally bound to pay taxes, legally too. It is for the betterment of our own nation. The taxes we pay help the country develop and prosper, which is definitely good for the society at large....

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Penalty Under Sec. 270A : From Concealment to Under reporting

Income Tax - Changing the age old methodology of levy of penalty  u/s. 271(1)(c ) of the Income tax Act, Finance Act 2016 has introduced a new mechanism for penalty in the form of section  270A and 270AA....

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Power of Commissioner to Reduce or Waive Income Tax Penalty

Income Tax - In the tutorial on Penalties Under the Income-tax Act, we discussed various penalties imposable under the Income-tax Act in respect of various defaults. Apart from enacting penalty provisions...

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

Income Tax - 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) GST Certification Course on Pen-Drive by TaxGuru & GST Professionals Whereas, a time limit of 1 year for disposal of a tax payer’s Revision Petition u/s. 264 has been prescribed, ...

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No penalty for addition to Income based on mere credit card A/c entries

Sri Joy Barman Vs. Income Tax Officer (ITAT Kolkata) - Sri Joy Barman Vs. ITO (ITAT Kolkata) From the foregoing discussion we note that the addition has been made by the AO on account of unexplained money and cessation of liability on basis of lack of evidence. Though the assessee’s explanation in respect of the credit card transactions and cessation ...

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No Penalty if AO himself not sure about charge on which penalty was to be levied

Trans Conduct (India) Vs. Asst. CIT (ITAT Mumbai) - Penalty under section 271(1)(c) could be levied where AO was not sure about the charge on which penalty was to be levied since he had initiated penalty proceedings for both the charges, i.e., furnishing of inaccurate particulars of income as well as concealment of particulars of income, and also lev...

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Penalty U/s. 271C cannot be imposed for updation error in software

State Bank of India Vs. Addl. CIT-(TDS) (ITAT Agra) - Assessee cannot be considered as having done willful neglect for non-compliance of the TDS provisions. This is just a technical mistake and, accordingly, the assessee cannot be held to be an assessee in default and no penalty can be imposed....

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Penalty cannot be imposed U/s. 271(1)(c) in absence of recording of satisfaction by AO

Mrs. Indrani Sunil Pillai Vs Asstt. Commissioner of Income Tax (ITAT Mumbai) - Aforesaid appeal by the assessee is against order dated 28th December 2015, passed by the learned Commissioner (Appeals)–37, Mumbai, confirming penalty under section 271(1)(c) of the Income-tax Act, 1961 (for short the Act) for the assessment year 2010–11....

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Claim of depreciation on land cannot be termed as clerical mistake

M/s Ambience Hospitality Pvt Ltd. Vs Dy Commissioner of Income Tax (Delhi High Court) - It is a manifest procedure that before filing of the Income Tax return for the assessment year 2007-2008 by the petitioner, the same is scrutinized, firstly, by the auditors of the company. Secondly, by the directors of the company before endorsing their signatures on the final Balance Sheet. Theref...

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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...

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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...

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Recent Posts in "Income Tax Penalty"

No penalty for addition to Income based on mere credit card A/c entries

Sri Joy Barman Vs. Income Tax Officer (ITAT Kolkata)

Sri Joy Barman Vs. ITO (ITAT Kolkata) From the foregoing discussion we note that the addition has been made by the AO on account of unexplained money and cessation of liability on basis of lack of evidence. Though the assessee’s explanation in respect of the credit card transactions and cessation of liability in the absence […]...

Read More

No Penalty if AO himself not sure about charge on which penalty was to be levied

Trans Conduct (India) Vs. Asst. CIT (ITAT Mumbai)

Penalty under section 271(1)(c) could be levied where AO was not sure about the charge on which penalty was to be levied since he had initiated penalty proceedings for both the charges, i.e., furnishing of inaccurate particulars of income as well as concealment of particulars of income, and also levied the penalty on both the charges vide...

Read More

Penalty U/s. 271C cannot be imposed for updation error in software

State Bank of India Vs. Addl. CIT-(TDS) (ITAT Agra)

Assessee cannot be considered as having done willful neglect for non-compliance of the TDS provisions. This is just a technical mistake and, accordingly, the assessee cannot be held to be an assessee in default and no penalty can be imposed....

Read More

Steep Increase in Penalty for failure to furnish SFT or reportable a/c

Section 271FA of the Act provides that if a person who is required to furnish the statement of financial transaction or reportable account under sub-section (1) of section 285BA, fails to furnish such statement within the prescribed time, he shall be liable to pay penalty of one hundred rupees for every day of default....

Read More
Posted Under: Income Tax |

Appeal against penalty imposed by CIT (Appeals) U/s. 271J

Section 253 of the Act inter-alia provides that any assessee aggrieved by any of the orders mentioned in sub-section (1) of the said section may appeal to the Appellate Tribunal against such order....

Read More
Posted Under: Income Tax |

Penalty cannot be imposed U/s. 271(1)(c) in absence of recording of satisfaction by AO

Mrs. Indrani Sunil Pillai Vs Asstt. Commissioner of Income Tax (ITAT Mumbai)

Aforesaid appeal by the assessee is against order dated 28th December 2015, passed by the learned Commissioner (Appeals)–37, Mumbai, confirming penalty under section 271(1)(c) of the Income-tax Act, 1961 (for short the Act) for the assessment year 2010–11....

Read More

5 Ways to avoid Income Tax Penalties

We are morally bound to pay taxes, legally too. It is for the betterment of our own nation. The taxes we pay help the country develop and prosper, which is definitely good for the society at large....

Read More
Posted Under: Income Tax |

Penalty Under Sec. 270A : From Concealment to Under reporting

Changing the age old methodology of levy of penalty  u/s. 271(1)(c ) of the Income tax Act, Finance Act 2016 has introduced a new mechanism for penalty in the form of section  270A and 270AA....

Read More
Posted Under: Income Tax |

Power of Commissioner to Reduce or Waive Income Tax Penalty

In the tutorial on Penalties Under the Income-tax Act, we discussed various penalties imposable under the Income-tax Act in respect of various defaults. Apart from enacting penalty provisions...

Read More
Posted Under: Income Tax | ,

Prosecutions and Punishment under Income-Tax Act, 1961

Apart from penalty for various defaults, the Income-tax Act also contains provisions for launching prosecution proceedings against the taxpayers for various offences. In this part you can gain knowledge about the various provisions relating to prosecution which can be launched under the Income-tax Act....

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Posted Under: Income Tax | ,
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