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...
Karnataka HC quashed penalty imposed under Section 201 of Income Tax Act for non-deduction of TDS on professional advice, citing specific legal provisions and case facts.
Supreme Court rules on penalty under Section 271E of the Income Tax Act in CIT vs. Jai Laxmi Rice Mills. Find out how assessment order impacts penalty proceedings.
ITAT Agra restores penalty appeal in Devendra Kumar Dubey Vs ITO for reassessment by CIT(A). Case highlights concealment penalty of ₹34,803 under Section 271(1)(c).
ITAT Pune quashes ₹1,50,000 penalty u/s 271B, citing reasonable cause for delayed tax audit due to impounded records and auditor unavailability.
ITAT Jodhpur condones delay in filing appeal by Punam Kanwar Bhati. Penalty under Section 270A deleted due to procedural lapses and lack of misreporting intent.
Limitation period for Section 271DA penalty should be counted from the date of the assessment order and delay in making the reference could not extend the limitation period
Bombay High Court affirms ITAT’s decision, upholding a penalty on Veena Estate under Section 271(1)(c) for inaccurate income disclosures in a real estate transaction.
ITAT Delhi deleted penalties under Section 271(1)(b) for Balram Kumar Mahendra & Prem Mahendra, citing non-receipt of notices as a reasonable cause. Read details.
Income Tax Act amendments propose penalties by Assessing Officers instead of Joint Commissioners. Omission of section 271BB and changes to section 246A included.
From April 2025, Section 275 amendments standardize the penalty timeline to six months from the end of the quarter in which proceedings or appeals are completed.
