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...
The Rajasthan High Court upheld that penalty proceedings under the Income Tax Act require specific, recorded satisfaction by the AO for the correct section, not general initiation.
Delhi High Court dismisses Revenue appeal, upholding penalty cancellation on Genpact Services LLC over debated expense classification and vague penalty notice.
Tax penalty under Section 271(1)(c) deleted by ITAT for an assessee whose income was misreported by a consultant, citing voluntary tax payment before notice.
ITAT Surat cancels penalty on Sahajanand Medical for a depreciation claim error, stating Section 271(1)(c) doesn’t apply to honest mistakes with full disclosure.
Supreme Court overturns penalty on PwC for a genuine error in income tax return, noting clear disclosure in tax audit report negated intent to conceal.
ITAT Cochin rules that completing assessment under section 143(3) negates 272A(1)(d) penalty, citing acceptance of later compliance.
ITAT Visakhapatnam rules no penalty for late Form 67 filing when foreign tax payment is genuine; upholds CIT(A) decision against Revenue.
ITAT Cochin deletes penalty under Section 271B for delayed tax audit, citing the demise of the managing partner as a reasonable cause and following Kerala HC precedent.
ITAT Agra deletes penalty on State Bank of India for short TDS on LFC with foreign leg, citing bona fide belief and Supreme Court ruling on penalty.
Since the business sales were accepted as genuine and only the purchases were routed through accommodation entries, only a part of the purchases needed adjustment to reflect possible inflation of expenses confirming the restriction of bogus purchase addition to 5% and when additions were made on an estimated basis, penalty for concealment under Section 271(1)(c) could not be imposed.
