Income Tax : Resident taxpayers holding foreign assets or financial interests may be required to file returns and disclose such assets regardle...
Income Tax : The Tribunal ruled that non-specification of the precise statutory charge under sections 270A(2) and 270A(9) violated principles o...
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...
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 ITAT held that penalty for misreporting of income cannot be levied when the underlying addition is based merely on estimation ...
Income Tax : The Delhi ITAT upheld deletion of a penalty after finding that the show-cause notice failed to specify the applicable limb of Sect...
Income Tax : The assessee argued that payment of advance tax demonstrated absence of concealment. The High Court held that a subsequent conscio...
Income Tax : The Tribunal held that penalty under Section 272A(1)(d) could not survive once the Assessing Officer completed assessment under Se...
Income Tax : The ITAT Visakhapatnam reduced a penalty under Section 271(1)(b) from Rs.30,000 to Rs.10,000 after treating non-compliance with th...
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 Delhi set aside a Section 271(1)(c) penalty against Kissan Petro Oils Pvt Ltd, as all underlying additions were deleted by the ITAT and claims were based on a CA-certified audit report.
Pune ITAT deletes penalties under Sections 271(1)(c) and 270A for Sunil Chunilal Kumavat, citing non-specification of charges and reliance on Mohd. Farhan A. Shaikh.
Jaipur ITAT deletes Section 270A penalty on Jaipur Telecom, ruling excess depreciation and TDS interest claims were bona fide errors, not misreporting.
Pune ITAT deletes Section 270A penalty on Advik Hi-Tech Pvt. Ltd., ruling non-disclosure of adjusted IT refund interest was an inadvertent error, not under-reporting.
Madras High Court rules that mere disallowance of a deduction does not automatically attract penalty under Section 271(1)(c) of the Income Tax Act.
ITAT Raipur sets aside Rs. 10,000 penalty on Rishikesh Pandey for delayed document submission, citing reasonable cause and procedural errors.
ITAT Mumbai sets aside income tax penalties on an MTNL employee, citing no additions in reassessment and the discretionary nature of penalty imposition under Sections 271(1)(c) and 270A.
Bombay High Court dismisses revenue’s appeal, affirming that income tax penalty notices must clearly specify grounds of concealment or inaccurate particulars.
Calcutta High Court hears appeal on the validity of tax penalties under Section 271(1)(c), specifically if show-cause notices lacking specific grounds are invalid. The case involves the Thakur Prasad Sao Group.
ITAT Delhi considers penalty for alleged inaccurate income particulars concerning a Section 54F exemption claim, with conflicting views on concealment versus incorrect claim.
