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...
Explore the Delhi High Court’s judgment in PCIT Vs Unitech Reliable Projects regarding Section 271(1)(c) penalties. The court emphasizes the necessity of specifying the relevant limb in penalty proceedings.
Delve into Delhi High Court’s judgment on PCIT Vs Minu Bakshi, exploring penalty imposition, notice specifics, and impact on income tax cases.
PCIT vs. Minu Bakshi: Delhi High Court Clarifies No Penalty if notice for the imposition of penalty did not specify particular limb of Section 271(1)(c) under which penalty was levied.
CIT (Exemptions) Vs Jamnalal Bajaj Foundation, Delhi High Court emphasized that penalty notice must specify precise limb of Section 271(1)(c) under which penalty is imposed.
ITAT has deleted the entire addition and disallowance based for imposition of penalty, the penalty imposed so cannot continue and therefore, deserves to be deleted in full with reference to aforesaid the addition & disallowance.
In PCIT Vs Bhudeva Estate Pvt. Ltd., Delhi High Court emphasized that notices for penalty under Section 271(1)(c) must explicitly specify grounds for penalty imposition.
Explore the Delhi High Court judgment on Penalty u/s 271(1)(c) of Income Tax Act for AY 2014-15. Detailed analysis and legal insights on inaccurate particulars. Read more.
Read the full text of Kerala High Court judgment quashing penalty proceedings under Income Tax Act for under-reporting of income. No hearing date fixed after show cause notice.
In a landmark case, Oriental Bank challenges penalties imposed by ITAT Jaipur for TDS non-compliance. Learn about the legal battle and its implications.
Delhi High Court dismisses Departmental appeal on penalty case PCIT vs Gopal Kumar Goyal. Analysis of failure to clarify grounds, AY 2004-05. Full judgment included
