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...
ITAT Chennai reduces penalty for Jayasakthi Knit Wear under Sec 271(1)(b) to ₹10,000 due to business losses and depression. Learn key details of the case ruling.
ITAT Ahmedabad directs CIT(A) to reconsider penalty appeal of Shreenath Corporation, emphasizing delay condonation and pending quantum proceedings.
ITAT Mumbai rules on ACIT vs Rohit Krishna, dismissing penalties under Section 43 of the Black Money Act for non-reporting of foreign assets in tax returns.
ITAT Delhi remands penalty under Section 271AAB for reassessment, linking it to reconsidered quantum addition. Fresh proceedings ordered for compliance.
ITAT Delhi quashes penalty imposed on Sudesh Gupta under Section 271(1)(c) as omnibus notice without specifying the charge was invalid
Manish Manohardas Asrani Vs ITO Int Tax Ward (ITAT Mumbai) The Income Tax Appellate Tribunal (ITAT), Mumbai, ruled in favor of the assessee, Manish Manohardas Asrani, quashing a penalty of ₹44,90,048 levied under Section 270A(8) of the Income Tax Act, 1961. The tribunal held that the penalty notice lacked specificity regarding the charge—whether it pertained […]
ITAT Lucknow quashes penalty u/s 271B for failure to file audit report, stating incorrect grounds for penalty initiation.
ITAT Jaipur rules in favor of Deepak Kumar Samtani, dismissing penalty under Section 272A(1)(C) due to lack of evidence of non-compliance with issued notices.
Delhi ITAT overturns penalty on ex-serviceman and Mother Dairy agent for non-audit under Section 271B, citing his limited commission income and absence of books.
ITAT Delhi cancels ₹1,09,807 penalty u/s 271B for Ved Singh, acknowledging his commission-based income and reasonable belief on tax audit requirement.
