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...
Jayanti Dalmia Vs DCIT (Delhi High Court) In this case ITAT has upheld the order of CIT with respect to non-compliance of notice issued under Section 142(1) of Income Tax Act, 1961 by the Appellant-assessee and the consequent imposition of penalty under Section 271(1)(b) of the Act. Briefly stated the relevant facts are that the […]
Ajit Lalwani Vs ACIT (TDS) (ITAT Indore) In the instant of two appeals assessee has challenged the levy of penalty u/s 271CA of the Act for the violation of provisions of section 206C of the Act. We find that the assessee has furnished copy of form 27BA along with copy of Income Tax return of […]
Can an assessee who has surrendered his income in response to the specific information sought by the Assessing Officer in the course of survey, be absolved from the penal provisions under section 271(1)(c) for concealment of income?
Understanding income tax offences and penalties. Learn about the different penalties for contravening provisions of the Income Tax Act.
A reasonable leniency may be exercised by the AOs to allow the Taxpayer’s who have paid the tax and interest beyond the time limit specified in the demand notice issued u/s 156 to accept the application and grant immunity u/s 270AA.
In this article, the author has tried to analyze the applicability of Estoppel Rule, with the penalty on agreed additions by the assessee. Now, at the outset, practically it is not uncommon for an assessee to agree to additions, if he were to be spared from penalty consequent on such admission.
Understanding the consequences of failure to comply with tax directions under Section 271. Find out more about the burden of proof and implications of concealing income.
Shiv Kumar Nayyar Vs ACIT (ITAT New Delhi) lthough the assessee in the instant case has not complied to the statutory notice issued by the AO on 5th October, 2016 fixing the case for hearing on 25th October, 2018 which is the basis for levy of penalty u/s 271(1)(b) of the Act, however, ultimately the […]
Section 273B states that wherever there is a reasonable cause in not complying with the requirements resulting into imposition of penalty including section 271(1)(b) under consideration, the penalty needs to be deleted.
Order under Para 3 of the Faceless Penalty Scheme, 2021, for defining the scope of ‘Penalties’ to be assigned to the Faceless Penalty Scheme, 2021 – regarding F No. 187/4/2021-ITA-I Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) ***** North Block, New Delhi – 110001 Dated the 26th February, […]
