Income Tax : Discover the implications of Income Tax Act Section 270A and penalties for under-reporting or misreporting income. Learn calculati...
Income Tax : Grounds of Appeal related to the penalty imposed u/s 271(1)(c) of the Act , 1961 AY 2015-16 1. In the facts and circumstances of t...
Income Tax : Dive into Section 271B's mandates, penalties, and exemptions under the Income Tax Act. Explore real cases, challenges, and strateg...
Income Tax : Learn how to avoid penalties under Section 270A of the Income Tax Act through understanding its provisions and utilizing Section 2...
Income Tax : Explore recent ITAT judgment in Rakesh Kr. Jha vs. ITO, delving into interpretation of Sections 271A and 271B, highlighting confli...
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 : Lucknow CA Tax Practicioners Association has made a Representation to FM for Extension of Time Limit for Assessment cases time bar...
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...
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...
Income Tax : Delhi HC: No penalty for New Holland Tractors if assessee's contention was plausible and bona fide, provided full disclosure of fa...
Income Tax : Read the full text of the ITAT Bangalore order in Laxmilal Badolla Vs NFAC. Penalty under Sec 271D cancelled due to reasonable cau...
Income Tax : Penalty u/s. 271D and 271E of the Income Tax Act cannot be imposed if assessment proceedings are quashed. Detailed analysis of Rav...
Income Tax : Read the detailed analysis of Sumit Maheshwari Vs ITO case where ITAT Delhi deletes penalty u/s 271(1)(b) of Income Tax Act due to...
Income Tax : Read the full text of the order from ITAT Agra where penalty u/s 271B was deleted for Tasavver Husain vs ITO. Detailed analysis an...
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 Delhi determines if Bhushan Aviation’s audit report delay due to IBC proceedings warrants a penalty under the Income Tax Act section 271B.
ITAT Hyderabad held that law doesn’t permit delegation of authority by PCIT to Assessing Officer (AO) for the purpose of imposition of penalty. Accordingly, direction issued by PCIT to AO to initiate penalty proceedings u/s 271(1)(c) of the Income Tax Act is unlawful.
ITAT Indore held that the penalty levied u/s 271D of the Income Tax Act without any assessment proceedings in the case of the assessee is not valid and liable to be quashed.
ITAT Ahmedabad rules that Section 271D penalty doesn’t sustain if a loan is accepted through banking channels, relating to A.Ys. 2013-14 & 2016-17.
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.
Ashvin Narayan Bajoria (HUF) Vs ITO (ITAT Surat) Recently the SMC Bench of Surat Income Tax Appellate Tribunal passed a judgement in the aforementioned case deleting the penalty levied by the Ld. Assessing Officer under section 271(1)(c) of the Act for concealment of income. The central point of discussion was whether or not penalty imposed […]
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.
Read analysis of ITAT judgment in Saraswati Gupta vs. ITO case confirming penalties under sections 271A and 271B for not maintaining and auditing books of account. Learn about the outcome and reasoning.
Analysis of ITAT Ahmedabad’s decision in Unity Dye Chem Pvt. Ltd. vs CIT case. Penalty under section 271C not applicable if TDS non-deduction supported by Form 15G/H.
Read the full text of ITAT Ahmedabad’s order deleting the penalty u/s 271(1)(c) for Dineshkumar Kanjibhai Patel-HUF as no concealment of particulars or inaccurate income filing found.
