Income Tax Penalty - Page 2

Penalties and Prosecutions Under Income tax Act, 1961

Penalties and Prosecutions Default in complying with provisions of or with conditions prescribed under the Income-tax Act would attract certain penalty and in critical cases prosecutions as well. The document will provide you information about the punishable offences, prosecutions and the quantum of penalties that can be imposed under the...

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No Section 271(1)(b) penalty if Assessment was completed U/s. 143(3)

Shiv Kumar Nayyar Vs ACIT (ITAT New Delhi)

Shiv Kumar Nayyar Vs ACIT (ITAT New Delhi) lthough the assessee in the instant case has not complied to the statutory notice issued by the AO on 5th October, 2016 fixing the case for hearing on 25th October, 2018 which is the basis for levy of penalty u/s 271(1)(b) of the Act, however, ultimately the […]...

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No Section 271(1)(b) penalty if reasonable cause for non-compliance exist

Sun Infrastructure Pvt. Ltd. Vs ACIT (ITAT Pune)

Section 273B states that wherever there is a reasonable cause in not complying with the requirements resulting into imposition of penalty including section 271(1)(b) under consideration, the penalty needs to be deleted....

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Scope of Penalties to be assigned to Faceless Penalty Scheme, 2021

F No. 187/4/2021-ITA-I 26/02/2021

Order under Para 3 of the Faceless Penalty Scheme, 2021, for defining the scope of ‘Penalties’ to be assigned to the Faceless Penalty Scheme, 2021 – regarding F No. 187/4/2021-ITA-I Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) ***** North Block, New Delhi – 110001 Da...

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Section 271(1)(b) penalty not imposable when assessee finally complied with notice(s)

Gyan Mata Radha Satyam Kriyayog Ashram Research Institute Vs ITO (ITAT Allahabad)

Gyan Mata Radha Satyam Kriyayog Ashram Research Institute Vs ITO (ITAT Allahabad) On the one hand, the Assessing Officer has given the date of compliances in the above table whereas the penalty was imposed on the ground that the above notices were not complied by the assessee. Further, the Assessing Officer has also stated that […]...

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Section 271D Penalty Not Valid If Assessee Bonafidely explains Reasonable Cause

Bapujibuwa Nagari Sahakari Pat Sanstha Maryadit VS JCIT (ITAT Pune)

Bapujibuwa Nagari Sahakari Pat Sanstha Maryadit VS JCIT (ITAT Pune) The expression ‘reasonable cause’ has to be considered pragmatically and if the facts of the present case are examined keeping this legislative spirit in mind, we find that there were enough circumstances to show that the assessee company had acquired bona-fid...

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Penalty for failure to get accounts Audited- Section 271B

If the assessee fails to get his accounts audited or furnish a report of such audit u/s 44AB, > a flat penalty u/s 271 B shall be attracted: 1/2% of total Sales, turnover or gross receipts in business / profession Or Sum of Rs. 150,000 (w.e.f.1-4-2011) (prior to that max. penalty was Rs. 1 Lac) […]...

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Section 272A(2)(k) Penalty based on non–existing grounds is unsustainable

District Mining Officer Vs JCIT (TDS) (ITAT Allahabad)

District Mining Officer Vs JCIT (TDS) (ITAT Allahabad) It is noted that the Assessing Officer has initiated the penalty proceedings u/s 272A(2)(k) of the Income Tax Act for the alleged default of delivering the statement of TDS in Form 26Q within the time specified in section 200(3) read with proviso to section 206(3). In the […]...

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No section 271(1)(b) Penalty if order was passed under section 143(3)

Jai Gopal Sondhi Vs ITO (ITAT Delhi)

Jai Gopal Sondhi Vs ITO (ITAT Delhi) We note that although the Assessing Officer has levied penalty in all the four cases for non-compliance of statutory notices, all the same he has proceeded to frame the assessment order u/s 143(3) of the Act. We also note that the CIT(A), while dismissing the assessees’ appeals has […]...

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Football & Income Tax- Penalty, in both, is Hefty

Arjuna, while playing on the Football Ground if, a player pushes other players or creates any obstruction then the referee whistles and show a Yellow Card. Yellow Card represents a mild penalty. If you look at Income Tax, the taxpayers are intimated by a prior notice and thereafter a penalty is levied...

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Posted Under: Income Tax |

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