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 case addressed ambiguity in penalty proceedings where the specific charge was not identified. The Court upheld deletion of pen...
Income Tax : The case involved an ambiguous penalty notice that did not clarify whether the charge was concealment or inaccurate particulars. T...
Income Tax : The case involved penalty on disallowance of purchases treated as non-genuine and estimated at 12.5%. Tribunal ruled that estimate...
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 ...
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 Pune quashes Section 271(1)(c) penalty on Intervalve Poonawalla for leave encashment disallowance, citing full disclosure and judicial precedents.
Telangana High Court dismisses a bookie’s appeal, affirming a Rs. 1 lakh penalty for failing to audit accounts despite a high turnover, rejecting contradictory claims.
ITAT Delhi rules in Sudarsan De case, setting aside S.270A penalty for under-reporting as belated return was accepted without income additions.
Bombay High Court rules penalty under Section 271(1)(c) not applicable for a disclosed and bona fide deduction claim, even if disallowed. Mere incorrect legal claim isn’t concealment.
ITAT Surat affirms penalty on Pristine Jewellery for non-compliance with tax audit requirements, rejecting claims of reasonable cause and distinguishing previous judgments.
The ITAT Lucknow has restored the penalty case of UP State Bridge Corporation Ltd. to the Assessing Officer, aligning with the Allahabad High Court’s directive to await quantum appeal outcomes.
Delhi HC ruled in Sahara India Life Insurance Co. case that Section 271(1)(c) penalty is invalid if notice fails to specify whether it pertains to income concealment or inaccurate particulars.
AO held that assessee had made repayment of the loan to M/s. Tata Finance Corporation in that financial year to the extent of Rs. 6,71,939 in cash against the loan taken for commercial vehicle.
ITAT Delhi overturns Rs. 74 lakh penalty on Singh Consultancy. Notice ambiguity in Section 271(1)(c) proceedings deemed fatal, reinforcing clarity in tax charges.
Madras High Court stays penalty orders under Sections 270A and 271AAC against Aadhitya Property Developers, pending a decision on the assessee’s belated appeal against the core assessment order.
