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Income Tax Penalty

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Penalty for Concealment of Income, Section 270A of Income Tax Act

Income Tax : Discover the implications of Income Tax Act Section 270A and penalties for under-reporting or misreporting income. Learn calculati...

June 19, 2024 4188 Views 0 comment Print

Draft Submission- No Section 271(1)(c) penalty when no specific limb been mentioned

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...

April 23, 2024 2175 Views 0 comment Print

Section 271B: How to Safeguard Against Audit Penalty

Income Tax : Dive into Section 271B's mandates, penalties, and exemptions under the Income Tax Act. Explore real cases, challenges, and strateg...

April 17, 2024 5952 Views 0 comment Print

How Penalty Under Section 270A Can Be Avoided

Income Tax : Learn how to avoid penalties under Section 270A of the Income Tax Act through understanding its provisions and utilizing Section 2...

April 9, 2024 5085 Views 0 comment Print

A Critical Appreciation of Ranchi Bench of ITAT in Rakesh Kr. Jha vs. ITO

Income Tax : Explore recent ITAT judgment in Rakesh Kr. Jha vs. ITO, delving into interpretation of Sections 271A and 271B, highlighting confli...

November 29, 2023 1572 Views 0 comment Print

Latest News

Late Fees, Interest, threat to levy penalty or to initiate prosecution – Tax Terrorism

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...

October 21, 2022 19371 Views 6 comments Print

Indiscriminate Income Tax notices without allowing reasonable time

Income Tax : In view of Indiscriminate notices by income Tax Department without allowing reasonable time it is requested to Finance Ministry an...

March 20, 2022 12891 Views 0 comment Print

Extend Time Limit for Income Tax Assessment time barring on 31.3.2022

Income Tax : Lucknow CA Tax Practicioners Association has made a Representation to FM for Extension of Time Limit for Assessment cases time bar...

March 20, 2022 41337 Views 2 comments Print

Request for Rationalisation of Section 270AA Penalty Provisions

Income Tax : A reasonable leniency may be exercised by the AOs to allow the Taxpayer’s who have paid the tax and interest beyond the time lim...

August 22, 2021 4707 Views 1 comment Print

Section 234F Fee for delayed filing of return causing undue hardship

Income Tax : The Finance Bill, 2017 proposes to levy fees of Rs.5,000 in case where return is furnished after the due date but on or before 31S...

January 21, 2020 66129 Views 31 comments Print

Latest Judiciary

Income Tax Notices Sent to Old Address Without Evidence of Service: ITAT Deletes Section 271(1)(b) Penalty

Income Tax : Read the detailed analysis of Sumit Maheshwari Vs ITO case where ITAT Delhi deletes penalty u/s 271(1)(b) of Income Tax Act due to...

June 16, 2024 2100 Views 0 comment Print

No section 271B penalty if reasonable cause exist or if assessee establishes its bonafides

Income Tax : Read the full text of the order from ITAT Agra where penalty u/s 271B was deleted for Tasavver Husain vs ITO. Detailed analysis an...

June 13, 2024 888 Views 0 comment Print

Delay in SFT-005 Filing: Excuse of Server Issue Rejected by ITAT

Income Tax : Read about the case of Waghodia Urban Co. Op. Bank Limited vs. Director of Income Tax regarding a penalty levied under Section 271...

June 9, 2024 213 Views 0 comment Print

ITAT deletes Section 271(1)(c) penalty for Non-application of mind

Income Tax : Read the detailed analysis of ITAT Ahmedabad's order canceling penalty under section 271(1)(c) of the Income Tax Act. Co-owner sta...

June 9, 2024 525 Views 0 comment Print

ITAT Agra Deletes Section 271(1)(b) Penalty Order Passed on Notice Service Day

Income Tax : ITAT Agra deletes penalty levied u/s 271(1)(b) in Ganeshi Lal Narayan Das vs DCIT, citing procedural fairness and assessees bona f...

June 5, 2024 462 Views 0 comment Print

Latest Notifications

NFRA Penalizes RCFL Auditors with ₹2.5 Crore Fine for Audit Misconduct

Company Law : The NFRA fines Shridhar & Associates and CA Ajay Vastani for professional misconduct in auditing RCFL's financials for FY 2018-19....

May 16, 2024 10959 Views 0 comment Print

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

Income Tax : Order under Para 3 of the Faceless Penalty Scheme, 2021, for defining the scope of ‘Penalties’ to be assigned to the F...

February 26, 2021 2721 Views 0 comment Print

Limitation for penalty proceedings U/s. 271D & 271E

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...

April 26, 2016 7318 Views 0 comment Print

Limitation commencement for penalty proceedings U/s. 271D &271E

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...

April 26, 2016 2521 Views 0 comment Print

Penalty u/s 271(1)(c) not imposable for application of section 50C of Income Tax Act

March 1, 2023 1458 Views 0 comment Print

ITAT Delhi held that penalty under section 271(1)(c) of the Income Tax Act cannot be imposed on the basis of legal fiction of section 50C of the Income Tax Act.

Penalty u/s 271(1)(c) not leviable for bona fide wrong claiming of depreciation

February 25, 2023 1305 Views 0 comment Print

ITAT Chandigarh held that claiming of wrong depreciation on the advice of auditor is bona fide claim and hence penalty under section 271(1)(c) of the Income Tax Act not leviable.

Penalty not leviable if there is reasonable cause for failure to get accounts audited

February 23, 2023 1641 Views 0 comment Print

ITAT delete penalty levied for failure to get accounts audited and for filing tax audit report belatedly, on the grounds that the assessee was prevented by reasonable cause due to its pathetic condition and heavy losses incurred in its business.

Not Striking Out of Irrelevant Ground Vitiates Section 271(1)(c) Penalty Proceedings

February 18, 2023 1131 Views 0 comment Print

Defect in statutory notice in not striking out of irrelevant ground vitiates penalty proceedings for the reason that assessee has not given sufficient notice for preparing his defense, as to grounds on which penalty proceedings have been initiated.

Mere unsustainable claim not amounts to furnishing inaccurate particulars of Income

February 17, 2023 1098 Views 0 comment Print

Galaxy Construction and Contractors Pvt. Ltd. Vs DCIT (ITAT Pune) The issue in the present appeal relates to levy of penalty under the provisions of section 271(1)(c) of the Act. The penalty was levied by the Assessing Officer in respect of addition made under the provisions of section 36(1)(iii) of the Act. It is an […]

No penalty if Assessee revises return before completion of Assessment & correct Bonafide mistake

February 17, 2023 747 Views 0 comment Print

Shri Altaf Hussain Laskar Vs DCIT (ITAT Guwahati) The case of the assessee is that he has committed certain mistakes in computing the income originally, whereby certain exempt income was included as taxable and certain perquisites were claimed as exempt in the revised return. In other words, earlier assessee has included the value of LIC […]

Merely claiming exemption which was not acceptable to department cannot entail levy of penalty u/s 271(1)(c)

February 16, 2023 684 Views 0 comment Print

ITAT Delhi held that merely making a claim which is not sustainable in law will not amount to furnishing inaccurate particulars entailing levy of penalty under section 271(1)(c) of the Income Tax Act automatically.

Penalty u/s 271(1)(c) not imposable when addition is on adhoc basis

February 14, 2023 2649 Views 0 comment Print

ITAT Mumbai held that penalty under section 271-1-c of the Income Tax Act not imposable when the addition on account of bogus purchases is done on adhoc estimated basis As adhoc estimated based addition doesn’t tantamount to furnishing of inaccurate particulars of income.

Penalty u/s. 271(1)(c) unsustainable as no adjustment on transfer pricing issue wouldn’t subsist

February 10, 2023 1554 Views 0 comment Print

ITAT Delhi held that as no adjustment on transfer pricing issue would subsist and therefore there is no question of penalty u/s. 271(1)(c) of the Income Tax Act on such addition.

No Penalty u/s 271(1)(c) when Quantum and Enhancement by CIT(A)-Deleted in Quantum Appeal

February 9, 2023 3267 Views 0 comment Print

Victory for Sanjay Duggal as ITAT Delhi quashes assessments under 153A, nullifying penalties. Learn why the penalty orders couldn’t survive. Decided in favor of the assessee.

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June 2024