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Income Tax Penalty

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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 1098 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 5538 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 3999 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 1437 Views 0 comment Print

Penalties for not Maintaining Documents for Specified Domestic Transactions

Income Tax : Penalties for failing to maintain records of specified domestic transactions. Learn about arm's length pricing & essential documen...

November 3, 2023 6222 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 19332 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 12846 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 41151 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 4560 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 66063 Views 31 comments Print


Latest Judiciary


No Penalty Under Section 271(1)(c) When No Tax is Evaded

Income Tax : Can penalty under Section 271(1)(c) be imposed if self-assessment tax was paid before notice u/s 148? Read the detailed analysis o...

May 17, 2024 3060 Views 0 comment Print

No Section 271B penalty if reasonable cause exist for delay in furnishing Tax Audit Report

Income Tax : Detailed analysis of the appeal against a penalty imposed under Section 271B of the Income Tax Act by the ITAT Delhi in the case o...

May 9, 2024 408 Views 0 comment Print

Differences in Approved Valuer’s Opinion Not Concealment of Income: ITAT Chennai

Income Tax : ITAT Chennai observed that differences in valuation opinions are common, and the assessee's claim based on an approved valuer's re...

May 9, 2024 240 Views 0 comment Print

No Penalty for Expenses Disallowed Ad Hoc or Due to some Missing Vouchers

Income Tax : ITAT observed that the disallowance of expenses by the AO was on an estimate and ad hoc basis due to the absence of supporting evi...

May 9, 2024 264 Views 0 comment Print

No section 270A penalty for addition on account of estimation of fair market value by Valuation Officer

Income Tax : ITAT Mumbai rules penalty under Section 270A deleted as I-T authority failed to consider reasons for difference in sale considerat...

May 9, 2024 510 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 17, 2024 8649 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 2688 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 7312 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 2446 Views 0 comment Print


Penalty u/s 271(1)(c) unsustainable as issue already decided in assessee’s favour

November 7, 2022 597 Views 0 comment Print

ITAT Delhi held that penalty under section 271(1)(c) of the Income Tax Act unsustainable as claim of deduction u/s. 80IA(4) already decided in favour of the assessee.

Section 271(1)(c) penalty cannot be imposed on debatable issue: MP HC

November 7, 2022 1962 Views 0 comment Print

CIT Vs S. Kumar Tyres Manufacturing Co. Ltd. (Madhya Pradesh High Court) Sub-Whether there can be any penalty u/s 271(1)(c) in respect of a debatable issue? The Division bench of Madhya Pradesh High Court was considering department’s appeal when ITAT had given relief to the assessee by holding that there could not have been penalty […]

No penalty on undisputed claim of Interest paid to firm against business income

November 7, 2022 579 Views 0 comment Print

Bhawneshwar Kumar Vs ITO (ITAT Chandigarh) In the instant case, the matter relates to claim of interest paid by the assessee to the partnership firm where the assessee is a partner and from where the assessee also draws the remuneration. Both the interest paid and remuneration received from the partnership firm has been duly reflected […]

Section 271F penalty not applicable if Income was below taxable limit

November 7, 2022 5598 Views 0 comment Print

Kanhaiya Lal Lalwani Vs ITO (ITAT Jaipur) It is noted that the cost of acquisition of plot as per the assessee was Rs. 555/- purchased on 16-04­-1999 and thereafter addition/ improvement of Rs.3,41,000/- was made. In my view, if these benefits were allowed to the assessee then in that eventuality the capital gain arose on […]

ITAT deletes penalty for delay in submission of Tax Audit as Assessee was unwell & his Accountant left without prior notice

November 6, 2022 732 Views 0 comment Print

Saravana Foundation Vs ITO (ITAT Chennai) Against levy of penalty under section 271B of the Act, the assessee has submitted the reasons for the delay in filing the audit report before the ld. CIT(A) that the accounts audited under section 44AB of the Act belatedly as the assessee was not keeping good health and the […]

Failure to upload Tax Audit Report due to demise of Auditor is a reasonable cause

November 6, 2022 1020 Views 0 comment Print

Abha Rajesh Kapoor Vs PCIT (ITAT Mumbai) We find that the issue-in-dispute is whether there was any reasonable cause for failure on the part of the assessee in uploading the Tax Audit Report on the Income-tax portal. In terms of section 44AB, the assessee was required to audit and upload audit report along with return […]

Proper service of notice is vital for imposition of section 271(1)(b) penalty

November 6, 2022 699 Views 0 comment Print

We are of the view that proper service of notice is vital for imposition of penalty under section 271(1)(b). In this regard, we draw reliance in case of CIT vs. Har Parshad (1990) 49 Taxman 168 (P&H).

No penalty for Adjustment in book profit due to disallowance of depreciation under MAT provisions

November 4, 2022 702 Views 0 comment Print

Jubilant Infrastructure Ltd Vs DCIT (ITAT Delhi) The disallowance of depreciation in quantum proceedings in A.Y.2016-17 has also resulted in corresponding enhancement of deduction under section 80IAB by the equal amount. The AO has also allowed the enhanced deduction in the quantum and, therefore, no prejudice was caused to the revenue by such claim. It […]

No penalty for non-getting account audited under bona fide belief based on ICAI Guidance Note on tax audit

November 4, 2022 7029 Views 0 comment Print

If assessee was under bona fide belief that as per Guidance Note issued by ICAI on ‘tax audit under section 44AB’ net result in derivative transaction was to be considered as turnover and accordingly, he would not be liable to get his books audited as turnover did not exceed more than Rs. 1 crore, penalty levied under section 271B was to be deleted

TDS not deductible on EDC Payment to HUDA; Section 271C penalty not imposable

November 3, 2022 984 Views 0 comment Print

Sirur Developers Pvt. Ltd. Vs JCIT (TDS) (ITAT Delhi) ITAT find that the issue as to whether penalty under section 271C of the Act is leviable for non-deduction of tax on payments made for External Development Charges (EDC) to HUDA came up for hearing before the Tribunal in the case of TDI Infrastructure Ltd. Vs. […]

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