Income Tax Penalty

A Critical Appreciation of Ranchi Bench of ITAT in Rakesh Kr. Jha vs. ITO

Income Tax - Explore recent ITAT judgment in Rakesh Kr. Jha vs. ITO, delving into interpretation of Sections 271A and 271B, highlighting conflicting views among High Courts....

Penalties for not Maintaining Documents for Specified Domestic Transactions

Income Tax - Penalties for failing to maintain records of specified domestic transactions. Learn about arm's length pricing & essential document requirements...

Supreme Court Ruling on TDS Penalty in US Technologies Case – A Detailed Analysis

Income Tax - Read about Supreme Court's decision in US Technologies case regarding TDS penalty under Section 271C of Income Tax Act, 1961, for delayed remittance....

Wrong Income Tax Refund Claims: Consequences & Remedies

Income Tax - Explore the consequences of making incorrect income tax refund claims and the associated legal ramifications. Understand the penalties, fines, and potential imprisonment involved. Learn about Section 139(8A) for rectifying mistakes and ensuring compliance. Stay informed to maintain financial integrity. ...

File Income Tax Return & Verify in 30 Days or Pay Rs.1000/5000 Penalty

Income Tax - Learn about consequences of not verifying your Income Tax Return within 30 days. Avoid penalties, delayed refunds, and loss of benefits. Find out how to e-verify your return easily....

Late Fees, Interest, threat to levy penalty or to initiate prosecution – Tax Terrorism

Income Tax - 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 initiate prosecution. No other words better describe the situation than the term Tax Terrorism....

Indiscriminate Income Tax notices without allowing reasonable time

Income Tax - In view of Indiscriminate notices by income Tax Department without allowing reasonable time it is requested to Finance Ministry and CBDT that suitable steps should be taken so that adequate time is allowed for compliance and cases are not disposed of in a hurry, without giving adequate opportunity for the taxpayer to be heard. The [&helli...

Extend Time Limit for Income Tax Assessment time barring on 31.3.2022

Income Tax - Lucknow CA Tax Practicioners Association has made a Representation to FM for Extension of Time Limit for Assessment cases time barring as on 31.3.22 under the Income Tax Act 1961 in view of Problems faced in completion of Reopened Assessment cases (letting time barred on 31st March 2022, Problems faced in completion of Assessment as [&hel...

Request for Rationalisation of Section 270AA Penalty Provisions

Income Tax - A reasonable leniency may be exercised by the AOs to allow the Taxpayer’s who have paid the tax and interest beyond the time limit specified in the demand notice issued u/s 156 to accept the application and grant immunity u/s 270AA....

Section 234F Fee for delayed filing of return causing undue hardship

Income Tax - The Finance Bill, 2017 proposes to levy fees of Rs.5,000 in case where return is furnished after the due date but on or before 31St December of the relevant assessment year and Rs.10,000, in other cases. However, it is also proposed to restrict the fees to Rs.1,000, where the total income does not exceed five lakh rupees....

ITAT Kolkata Rules No Penalty Under Section 271(1)(c) if Addition Deleted

Kalna II CADP Farmers Service Co-Op. Society Limited Vs ITO (ITAT Kolkata) - ITAT Kolkata decision: No penalty under Section 271(1)(c) for Kalna II CADP Farmers Service Co-Op. Society after deletion of the addition basis for penalty. ...

No Section 271(1)(c) Penalty for Stamp Authority Valuation Discrepancy: ITAT Ahmedabad

Bankimbhai Natverbhai Patel Vs ITO (ITAT Ahmedabad) - ITAT Ahmedabad rules accepting stamp authority valuation is not proof of incorrect sale consideration, removing penalty under Section 271(1)(c) of the Income Tax Act....

No 271(1)(c) Penalty Without Willful Concealment or Furnishing Inaccurate Details

Eureka Outsourcing Solutions Pvt. Ltd. Vs DCIT (ITAT Mumbai) - Mumbai ITAT deletes penalty under section 271(1)(c) for Eureka Outsourcing Solutions, stating making an incorrect claim does not amount to furnishing inaccurate particulars....

ITAT Ahmedabad Deletes Penalty for Income Escapement on income disclosed voluntarily

Kapilaben Mahendrabha Patel Vs DCIT (ITAT Ahmedabad) - ITAT Ahmedabad rules in favor of Kapilaben Patel, deleting the penalty under Section 271(1)(C) for undisclosed income, highlighting voluntary disclosure's importance....

No Penalty for Excessive Depreciation Claim Due to bona fide Mistake

DCIT Vs Sasan Power Ltd (ITAT Mumbai) - Mumbai ITAT quashes penalty in DCIT vs Sasan Power Ltd case, ruling that furnishing inaccurate expenditure claim does not constitute inaccurate particulars of income, citing bona fide mistake....

Scope of Penalties to be assigned to Faceless Penalty Scheme, 2021

F No. 187/4/2021-ITA-I - (26/02/2021) - Order under Para 3 of the Faceless Penalty Scheme, 2021, for defining the scope of ‘Penalties’ to be assigned to the Faceless Penalty Scheme, 2021 – regarding F No. 187/4/2021-ITA-I Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) ***** ...

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...

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...

Recent Posts in "Income Tax Penalty"

ITAT Kolkata Rules No Penalty Under Section 271(1)(c) if Addition Deleted

Kalna II CADP Farmers Service Co-Op. Society Limited Vs ITO (ITAT Kolkata)

ITAT Kolkata decision: No penalty under Section 271(1)(c) for Kalna II CADP Farmers Service Co-Op. Society after deletion of the addition basis for penalty. ...

No Section 271(1)(c) Penalty for Stamp Authority Valuation Discrepancy: ITAT Ahmedabad

Bankimbhai Natverbhai Patel Vs ITO (ITAT Ahmedabad)

ITAT Ahmedabad rules accepting stamp authority valuation is not proof of incorrect sale consideration, removing penalty under Section 271(1)(c) of the Income Tax Act....

No 271(1)(c) Penalty Without Willful Concealment or Furnishing Inaccurate Details

Eureka Outsourcing Solutions Pvt. Ltd. Vs DCIT (ITAT Mumbai)

Mumbai ITAT deletes penalty under section 271(1)(c) for Eureka Outsourcing Solutions, stating making an incorrect claim does not amount to furnishing inaccurate particulars....

ITAT Ahmedabad Deletes Penalty for Income Escapement on income disclosed voluntarily

Kapilaben Mahendrabha Patel Vs DCIT (ITAT Ahmedabad)

ITAT Ahmedabad rules in favor of Kapilaben Patel, deleting the penalty under Section 271(1)(C) for undisclosed income, highlighting voluntary disclosure's importance....

No Penalty for Excessive Depreciation Claim Due to bona fide Mistake

DCIT Vs Sasan Power Ltd (ITAT Mumbai)

Mumbai ITAT quashes penalty in DCIT vs Sasan Power Ltd case, ruling that furnishing inaccurate expenditure claim does not constitute inaccurate particulars of income, citing bona fide mistake....

Bogus Purchase: No Penalty for Estimate-Based Additions

Orient Fabritech Pvt. Ltd. Vs ITO (ITAT Mumbai)

ITAT concluded that the penalty levied under section 271(1)(c) of the Act was unsustainable due to the defect in the statutory notice and the fact that the penalty was imposed on additions made through estimation....

No Penalty on Estimated Addition for Bogus Purchases: ITAT Mumbai

Dombivali Paper Mfg. Co. Pvt. Ltd Vs ACIT (ITAT Mumbai)

Explore the case of Dombivali Paper Mfg. Co. challenging penalty under section 271(1)(c) for alleged bogus purchases. Detailed analysis, tribunal's view, and legal insights provided....

Section 54F exemption disallowance cannot lead to imposition of penalty

Ramprasad Kamtaprasad Nigam Vs ITO (ITAT Mumbai)

Explore the case of Ramprasad Nigam vs ITO under Section 271(1)(c) for disallowed exemption claim under Section 54. The penalty is quashed based on accurate disclosure....

Section 271(1)(c) Penalty not imposable on Estimated Bogus Purchase Addition

Supertech Construction Company Vs ACIT (ITAT Mumbai)

ITAT Mumbai held in Supertech Construction Company Vs ACIT that penalty notice lacked clarity on grounds for penalty & penalties cannot be levied on additions made on Estimated Bogus Purchase Addition....

ITAT deletes Section 271(1)(c) Penalty s Notice Issued without specifying limb

Orient Clothing Company Private Limited Vs ACIT (ITAT Delhi)

Read the full text of ITAT Delhi's order in Orient Clothing Co. vs. ACIT. Penalty under section 271(1)(c) deleted due to vague notices. Analysis and implications discussed....

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