Income Tax : Explore how seizure of documents can impact audit deadlines under Section 44AB and defenses against Section 271B penalties for aud...
Finance : Learn about Section 270A introduced in Finance Act 2016, effective from April 1, 2017, outlining penalties for under-reporting and...
Income Tax : Explore why penalties should not be imposed on estimated income, supported by legal rulings and principles ensuring fair tax admin...
Income Tax : Discover the implications of Income Tax Act Section 270A and penalties for under-reporting or misreporting income. Learn calculati...
Income Tax : Grounds of Appeal related to the penalty imposed u/s 271(1)(c) of the Act , 1961 AY 2015-16 1. In the facts and circumstances of t...
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 : In view of Indiscriminate notices by income Tax Department without allowing reasonable time it is requested to Finance Ministry an...
Income Tax : ITAT Bangalore held penalty initiation under Sections 271D/271E must be noted in assessment order; temporary family loans without ...
Income Tax : When an assessee voluntarily discloses income and the assessment is based on this disclosure without any changes, imposing a penal...
Income Tax : Penalties under Section 271(1)(c) cannot be imposed based on estimated additions without concrete evidence of concealment or inacc...
Income Tax : ITAT Chennai deletes Section 271B penalty for audit delay due to partner's health issues in Balaji Logistics case. Learn about the...
Income Tax : ITAT Mumbai held that no transfer pricing adjustment could have been made in the hands of assessee on account of ALP of specified ...
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...
Since quantum appeal itself is being quashed, penalty levied as against reassessment order for furnishing inaccurate particulars has no legs to stand and same is liable to be quashed.
Sawailal Bhatti Vs ITO (ITAT Mumbai) ITAT find that the assessee had filed all the details of purchases and corresponding sales had not been doubted. The sources of purchases are from the books and overall trading results have been accepted. Only allegation is that assessee has taken accommodation bills for the purchase of items to […]
Read about Ansal Properties vs ACIT (ITAT Delhi) case. Penalty not sustainable on QIP and 80-IB disallowance. Full text of ITAT Delhi order
ITAT Kolkata held that penalty u/s 271(1)(c) of the Income Tax Act not leviable as computation of income resulting into higher income is only a difference of opinion.
ITAT Delhi held that imposition of penalty under section 271(1)(c) of the Income Tax Act on a highly debatable issue is unsustainable in law.
In the present case, the very addition in the declared income has been deleted by the Tribunal therefore, there is no foundation to compute the penalty upon the assessee. In view of the deletion of the additions in the quantum appeal, no penalty is imposable upon the assessee.
Penalty order did not specify the charge & penalty was imposed purely on the basis of estimation of income so not valid
ITAT Ahmedabad held that penalty under section 271(1)(c) of the Income Tax Act not leviable as assessee claimed the deduction u/s. 80P(2)(a)(i) of the Act, with respect to the interest income under a bonafide belief.
ITAT held that when the notices issued by the AO are bad in law being vague and ambiguous having not specified under which limb of section 271(1)(c) of the Act, the penalty proceedings initiated u/s 271(1)(c) are not sustainable.
ITAT Hyderabad in case of excess stock of gold found during survey held that penalty u/s 271(1)(c) of the Income Tax Act up to 100% of the tax evaded is justified instead of 298% as upheld by CIT(A).
