Income Tax : Understand penalties for under-reporting or misreporting income under Section 270A of the Income Tax Act. Fines range from 50% to ...
Income Tax : Understand relief mechanisms and defences under Section 271D of the Income Tax Act for accepting cash loans or deposits over ₹20...
Income Tax : Simplified penalty timelines under Section 275 effective April 2025, including changes in penalty powers, omissions, and clarifica...
Income Tax : Appeal against penalty under Section 271(1)(b) citing ill health, lack of awareness of Faceless Scheme, and procedural lapses. Req...
Income Tax : Section 115BBE imposes a high tax rate on unexplained income to prevent tax evasion. Learn about tax rates, penalties, and complia...
Income Tax : Budget 2024 reduces penalty relief period for TDS/TCS statement filing from one year to one month. Changes effective April 2025....
Income Tax : New amendments to the Black Money Act from October 2024 raise the exemption threshold for penalties on foreign assets to ₹20 lak...
Income Tax : Discover the proposed changes to Section 275 of the Income-tax Act, eliminating ambiguity in penalty imposition timelines. Effecti...
CA, CS, CMA : People are held hostage in a cyber-world with ransom in the form of Late Fees and Interest and a threat to levy penalty or to init...
Income Tax : In view of Indiscriminate notices by income Tax Department without allowing reasonable time it is requested to Finance Ministry an...
Income Tax : Tax penalty under Section 271(1)(c) deleted by ITAT for an assessee whose income was misreported by a consultant, citing voluntary...
Income Tax : ITAT Surat cancels penalty on Sahajanand Medical for a depreciation claim error, stating Section 271(1)(c) doesn't apply to honest...
Income Tax : Supreme Court overturns penalty on PwC for a genuine error in income tax return, noting clear disclosure in tax audit report negat...
Income Tax : ITAT Cochin rules that completing assessment under section 143(3) negates 272A(1)(d) penalty, citing acceptance of later complianc...
Income Tax : ITAT Visakhapatnam rules no penalty for late Form 67 filing when foreign tax payment is genuine; upholds CIT(A) decision against R...
Company Law : Penalty imposed on Cryo Scientific Systems for failure to maintain proper registers under Companies Act 2013. Learn more about the...
Company Law : The NFRA fines Shridhar & Associates and CA Ajay Vastani for professional misconduct in auditing RCFL's financials for FY 2018-19....
Income Tax : Order under Para 3 of the Faceless Penalty Scheme, 2021, for defining the scope of ‘Penalties’ to be assigned to the F...
Income Tax : It is a settled position that period of limitation of penalty proceedings under section 271D and 271E of the Act is governed by th...
Income Tax : It has been brought to notice of CBDT that there are conflicting interpretations of various High Courts on the issue whether the l...
Tax penalty under Section 271(1)(c) deleted by ITAT for an assessee whose income was misreported by a consultant, citing voluntary tax payment before notice.
ITAT Surat cancels penalty on Sahajanand Medical for a depreciation claim error, stating Section 271(1)(c) doesn’t apply to honest mistakes with full disclosure.
Supreme Court overturns penalty on PwC for a genuine error in income tax return, noting clear disclosure in tax audit report negated intent to conceal.
ITAT Cochin rules that completing assessment under section 143(3) negates 272A(1)(d) penalty, citing acceptance of later compliance.
ITAT Visakhapatnam rules no penalty for late Form 67 filing when foreign tax payment is genuine; upholds CIT(A) decision against Revenue.
ITAT Cochin deletes penalty under Section 271B for delayed tax audit, citing the demise of the managing partner as a reasonable cause and following Kerala HC precedent.
ITAT Agra deletes penalty on State Bank of India for short TDS on LFC with foreign leg, citing bona fide belief and Supreme Court ruling on penalty.
Since the business sales were accepted as genuine and only the purchases were routed through accommodation entries, only a part of the purchases needed adjustment to reflect possible inflation of expenses confirming the restriction of bogus purchase addition to 5% and when additions were made on an estimated basis, penalty for concealment under Section 271(1)(c) could not be imposed.
ITAT Delhi rules on penalty imposition for Vodafone West Ltd, concerning a debatable issue of interest on license fees.
ITAT Pune rules no penalty under section 271(1)(c) when a debatable legal issue exists, in the case of DCIT vs. Vinod Ramchandra Jadhav.
