Income Tax : The framework outlines penalties for defaults like under-reporting, TDS failures, and non-compliance, while allowing relief where ...
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...
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 : The Tribunal held that penalty under section 271(1)(c) cannot be sustained when identical facts in earlier years led to deletion. ...
Income Tax : The ITAT held that penalty proceedings are invalid where the Assessing Officer does not specify whether the charge is concealment ...
Income Tax : The Tribunal held that omission of taxable foreign exchange gain in the return attracts penalty. It noted that disclosure during a...
Income Tax : The case involved Penalty Under Section 272A(1)(d for failure to comply with notices during assessment. The Tribunal ruled that co...
Income Tax : The Madras High Court held that penalty under Section 271(1)(c) cannot be imposed where a DTAA claim was made based on a bona fide...
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 ITAT Mumbai ruled that a penalty cannot be levied on additions made on an estimated basis. The case of Khodiyar Impex vs. ITO clarified that a 3% disallowance on alleged bogus purchases doesn’t constitute concealment of income.
ITAT Cuttack deletes Section 271D penalty against Jogendra Kumar Panda, ruling cash transaction violation pertained to wrong assessment year.
The ITAT Chennai has canceled a penalty against Anna University’s Institute for Ocean Management after the underlying tax addition was deleted by the CIT(A).
Ahmedabad ITAT deletes a penalty under Section 270A for a deduction on education cess. The court ruled the claim was bona fide and not a case of misreporting.
The Mumbai ITAT quashed a penalty under section 271(1)(c) against Ideal Energy Projects, citing that merely claiming a deduction is not furnishing inaccurate particulars.
ITAT Chennai strikes down a penalty under Section 271D, ruling that a fabricated, unregistered sale agreement and the lack of proof of cash receipt failed to substantiate the tax department’s claim.
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.
