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...
ITAT Delhi rules in favor of Dharam Singh, clarifying turnover calculation for commission-based businesses under section 271B.
ITAT Kolkata ruled that penalties under Section 140A(3) are not applicable for non-payment of taxes on self-assessed income post-AY 1989-90.
ITAT Mumbai quashes penalty under Section 271(1)(c) for Vijay Jewellers, citing estimated additions for bogus purchases. No concealment or inaccurate details found.
Learn about penalties for misreporting income, late filings, and other violations under the Income Tax Act, 1961, to avoid serious repercussions.
Calcutta HC dismisses revenue’s appeal in PCIT vs. Chetan Kumar Tekriwal case, ruling that Section 271(1)(c) penalty is not applicable when full disclosure is made.
Hon’ble ITAT Pune rules that penalties under Section 271(1)(c) should not be imposed for genuine mistakes or debatable claims in tax assessments.
ITAT Bangalore deletes penalty under Section 270A on IIFL Samasta Finance Limited. Key issues included Provident Fund contributions and education cess claims.
ITAT Kolkata allows appeal, deletes Rs. 1,99,911 penalty imposed under Section 271(1)(c) of the Income Tax Act for commission income estimation dispute.
ITAT held that disallowances based on estimations do not constitute underreporting of income and thus are not grounds for a penalty under Section 270A.
ITAT Delhi held that penalty u/s. 271AAB of the Income Tax Act not imposable as AO failed to link additional income disclosed by the assessee with the incriminating material found during search. Thus, penalty u/s. 271AAB deleted.
