Income Tax : Furnishing incorrect crypto-asset information without rectification can attract a fixed penalty. The amendment strengthens account...
Income Tax : The Finance Bill, 2026 converts key penalties for audit and reporting delays into mandatory fees. The shift aims to reduce dispute...
Income Tax : The law now proposes a single consolidated assessment-cum-penalty order for under-reporting of income, reducing multiple proceedin...
Income Tax : The Tribunal held that penalty under Section 271DA cannot be imposed when the assessment order lacks recorded satisfaction of a 26...
Income Tax : The ruling explains strict compliance requirements for specified domestic transactions, including maintaining detailed documentati...
Corporate Law : The Budget proposes a single integrated order for assessment and penalty to avoid parallel proceedings. The key takeaway is reduce...
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 : ITAT Mumbai held that penalty under Section 271(1)(c) cannot survive where bogus purchase additions are made purely on an estimate...
Income Tax : PCIT Vs Sandeep Chandak (Allahabad High Court) These income tax appeals arose from a common order dated 02.01.2017 passed by the I...
Income Tax : The tribunal held that penalty under Section 271AAB cannot survive when the notice fails to specify the exact charge or applicable...
Income Tax : Where the extent of inflated purchases cannot be quantified and is restricted to a nominal percentage, penalty provisions do not a...
Income Tax : The Tribunal examined whether delay in filing the tax audit report warranted penalty under section 271B. It held that liquidation ...
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...
The Delhi ITAT has ruled that a penalty cannot be imposed when income is based on estimation. It deleted penalties on a taxpayer where cash deposits were assessed as estimated business profits, not unexplained income.
Ankit Chauhan’s penalty for not getting a tax audit was quashed by ITAT Delhi. The court found the assessee to be a commission agent, not a dealer, with reasonable cause for the failure.
The ITAT Cochin ruled that cash received as a final payment during a property registration is not a violation of Section 269SS, waiving the penalty.
The Calcutta High Court invalidates a penalty under Section 271(1)(c) because the show-cause notice failed to specify whether the charge was for concealing or furnishing inaccurate income particulars.
The ITAT Chandigarh ruled that a penalty notice without a specific charge is invalid, leading to the deletion of a penalty under Section 271AAB.
Cuttack ITAT cancels penalties under sections 271D and 271E, ruling that the Assessing Officer must record satisfaction in the assessment order before initiating penalty proceedings.
The Mumbai Income Tax Appellate Tribunal quashes penalties for being time-barred and invalidates a reassessment notice, clarifying key tax law provisions on limitation and sanctioning authority.
The ITAT Cochin bench ruled that receiving cash for property at registration violates Section 269SS, overturning a prior decision.
Lucknow ITAT confirms penalty under section 271B, ruling that a taxpayer is responsible for timely tax audit completion and report submission, and blaming the CA is not a valid defense.
Calcutta High Court dismisses PCIT appeal, ruling penalty notice under Income Tax Act invalid due to failure to specify contravention, citing judicial precedents.
