Income Tax : Understand penalties for under-reporting or misreporting income under Section 270A of the Income Tax Act. Fines range from 50% to ...
Income Tax : Understand relief mechanisms and defences under Section 271D of the Income Tax Act for accepting cash loans or deposits over ₹20...
Income Tax : Simplified penalty timelines under Section 275 effective April 2025, including changes in penalty powers, omissions, and clarifica...
Income Tax : Appeal against penalty under Section 271(1)(b) citing ill health, lack of awareness of Faceless Scheme, and procedural lapses. Req...
Income Tax : Section 115BBE imposes a high tax rate on unexplained income to prevent tax evasion. Learn about tax rates, penalties, and complia...
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 : Assessee-a government-owned entity, had initially filed its income tax return for the assessment year 2016-17, declaring nil incom...
Income Tax : ITAT Delhi held that concealment of income via bogus share capital transaction duly attracts levy of penalty under section 271(1)(...
Income Tax : ITAT Pune held that non-inclusion of disallowance u/s. 43B while filing income tax return is bona fide and inadvertent error. Acco...
Income Tax : ITAT Pune rules AO failed to justify penalty under Section 270A, citing lack of clear misreporting by assessee for AYs 2017–18 a...
Income Tax : ITAT Rajkot cancels penalty on Anil Odedara, ruling income was estimated and not grounds for concealment under Section 271(1)(c) o...
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...
Understand the implications of the Jayaraj Charles Vs ITO case where ITAT Chennai ruled no penalty should be imposed under section 271B of the Income Tax Act when a return isn’t visible on the e-filing portal.
Exploring recent decision of ITAT Mumbai in Rasik Nemchand Pethad Vs DCIT where it was determined that Section 271B penalty doesn’t apply when there’s reasonable cause for failure to comply with provisions.
Explore the recent judgement of ITAT Pune in the case of Rupa Sanjay Nigade Vs ITO, where the Tribunal upheld the imposition of penalty under Section 271B due to non-audit of books of accounts.
An in-depth look at the ITAT Dehradun ruling in Saraswati Dynamics Pvt Ltd Vs ACIT, highlighting the importance of specifying the grounds for penalty under Section 271(1)(c) of the IT Act. Explore how the tribunal’s decision impacts tax jurisprudence
ITAT Mumbai held that penalty u/s 271(1)(c) not leviable as mere making of a claim which is not sustainable in law by itself will not amount to furnishing of inaccurate particulars of income.
A comprehensive analysis of the landmark ITAT Delhi case, Sushila Goyal Vs ITO, highlighting the tribunal’s stance on penalty under Section 271(1)(c) when additions are made on an estimated basis.
In Deepak T. Dhanwani vs ITO, where ITAT Chennai waived penalty for delayed tax audit report due to accountant’s unavailability,
ITAT Ahmedabad case between Standard Radiators Pvt Ltd and ACIT, involving an inaccurate income penalty dispute related to interest expense misclassification
ITAT Hyderabad order, wherein Mohammed Rahimuddin successfully appeals the penalty u/s 271A due to estimation-based income addition.
Read about dismissal of an appeal by ITAT Mumbai in case of BLPL Singapore Pvt Ltd Vs DCIT. Sssessee’s appeal against penalty order under Section 270A for non-disclosure of interest income was dismissed.
