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Income Tax Penalty

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Section 271B: How to Safeguard Against Audit Penalty

Income Tax : Dive into Section 271B's mandates, penalties, and exemptions under the Income Tax Act. Explore real cases, challenges, and strateg...

April 17, 2024 4551 Views 0 comment Print

How Penalty Under Section 270A Can Be Avoided

Income Tax : Learn how to avoid penalties under Section 270A of the Income Tax Act through understanding its provisions and utilizing Section 2...

April 9, 2024 2451 Views 0 comment Print

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 confli...

November 29, 2023 1311 Views 0 comment Print

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 documen...

November 3, 2023 6159 Views 0 comment Print

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 ...

September 30, 2023 2169 Views 0 comment Print


Latest News


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

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...

October 21, 2022 19302 Views 6 comments Print

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 an...

March 20, 2022 12804 Views 0 comment Print

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 bar...

March 20, 2022 40992 Views 2 comments Print

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 lim...

August 22, 2021 4401 Views 1 comment Print

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 31S...

January 21, 2020 66006 Views 31 comments Print


Latest Judiciary


Income determination in assessment cannot dictate filing of ITRs: ITAT Quashes section 271F Penalty

Income Tax : ITAT Ahmedabad quashes penalties under Section 271(1)(b) & 271F of the Income Tax Act, emphasizing that income determination in as...

April 18, 2024 141 Views 0 comment Print

Section 271(1)(c) Penalty Unsustainable if Quantum addition Deleted

Income Tax : In a case of DCIT Vs Milan Kavin Parikh, ITAT Mumbai dismisses Revenue's appeal against deletion of penalty under Section 271(1)(c...

April 9, 2024 315 Views 0 comment Print

No Section 270A Penalty if No Misreporting or Underreporting by Assessee

Income Tax : Detailed analysis of Mahendra N. Patel Vs DCIT case where ITAT Ahmedabad nullifies penalty due to absence of misreporting or under...

April 3, 2024 756 Views 0 comment Print

Section 271D Penalty: ITAT Directs AO to Verify Reasonable Cause for Cash Loan

Income Tax : In the case of SVT Wholesale Pvt. Ltd. Vs JCIT, the ITAT Bangalore evaluates the penalty imposed under Section 271D for violating ...

March 31, 2024 423 Views 0 comment Print

Section 270A(9)(a) Penalty Cannot be Levied for Adhoc Disallowance of Expenditure

Income Tax : VDB Infra vs. ITO: ITAT Bangalore case involves TDS deduction dispute resulting in penalty deletion under Section 270A(9)(a) by th...

March 27, 2024 825 Views 0 comment Print


Latest Notifications


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

Income Tax : Order under Para 3 of the Faceless Penalty Scheme, 2021, for defining the scope of ‘Penalties’ to be assigned to the F...

February 26, 2021 2649 Views 0 comment Print

Limitation for penalty proceedings U/s. 271D & 271E

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...

April 26, 2016 7306 Views 0 comment Print

Limitation commencement for penalty proceedings U/s. 271D &271E

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...

April 26, 2016 2431 Views 0 comment Print


Latest Posts in Income Tax Penalty

Income determination in assessment cannot dictate filing of ITRs: ITAT Quashes section 271F Penalty

April 18, 2024 141 Views 0 comment Print

ITAT Ahmedabad quashes penalties under Section 271(1)(b) & 271F of the Income Tax Act, emphasizing that income determination in assessment orders cannot dictate filing of ITRs.

Section 271B: How to Safeguard Against Audit Penalty

April 17, 2024 4551 Views 0 comment Print

Dive into Section 271B’s mandates, penalties, and exemptions under the Income Tax Act. Explore real cases, challenges, and strategies for adherence.

Section 271(1)(c) Penalty Unsustainable if Quantum addition Deleted

April 9, 2024 315 Views 0 comment Print

In a case of DCIT Vs Milan Kavin Parikh, ITAT Mumbai dismisses Revenue’s appeal against deletion of penalty under Section 271(1)(c) of the Income Tax Act, 1961, as the quantum addition was deleted.

How Penalty Under Section 270A Can Be Avoided

April 9, 2024 2451 Views 0 comment Print

Learn how to avoid penalties under Section 270A of the Income Tax Act through understanding its provisions and utilizing Section 270AA for immunity.

No Section 270A Penalty if No Misreporting or Underreporting by Assessee

April 3, 2024 756 Views 0 comment Print

Detailed analysis of Mahendra N. Patel Vs DCIT case where ITAT Ahmedabad nullifies penalty due to absence of misreporting or underreporting by the assessee.

Section 271D Penalty: ITAT Directs AO to Verify Reasonable Cause for Cash Loan

March 31, 2024 423 Views 0 comment Print

In the case of SVT Wholesale Pvt. Ltd. Vs JCIT, the ITAT Bangalore evaluates the penalty imposed under Section 271D for violating Section 269SS of the Income Tax Act, 1961. Learn about the legal arguments, precedents, and the tribunal’s decision.

Section 270A(9)(a) Penalty Cannot be Levied for Adhoc Disallowance of Expenditure

March 27, 2024 825 Views 0 comment Print

VDB Infra vs. ITO: ITAT Bangalore case involves TDS deduction dispute resulting in penalty deletion under Section 270A(9)(a) by the tribunal.

Mere Allowable Deductions Variance is not Inaccurate furnishing of Income Particulars

March 24, 2024 402 Views 2 comments Print

Explore the Bombay High Court’s ruling on PCIT vs. ICICI Bank Ltd regarding accuracy in income reporting and the deletion of penalties under Section 271(1)(c) of the IT Act.

No Section 271D Penalty for Cash Loans from Close Relatives: Reasonable Cause

March 21, 2024 996 Views 0 comment Print

In Mani Sundaram Vs ITO (ITAT Chennai), cash loans from relatives, later treated as gifts, didn’t incur penalty under section 271D of the Income Tax Act.

No Penalty under Section 271B if Penalty Already Levied under Section 271A

March 20, 2024 312 Views 0 comment Print

Mumbai ITAT sets aside penalty under section 271B, citing previous penalty under section 271A for non-maintenance of accounts in Haresh Ghanshyamdas Makhija vs ITO case.

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