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Income Tax Penalty

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Penalty for Concealment of Income, Section 270A of Income Tax Act

Income Tax : Discover the implications of Income Tax Act Section 270A and penalties for under-reporting or misreporting income. Learn calculati...

June 19, 2024 4464 Views 0 comment Print

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 2802 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 6171 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 5646 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 1647 Views 0 comment Print


Latest News


Budget 2024: Revised Penalty Timeline for TDS/TCS Statements

Income Tax : Budget 2024 reduces penalty relief period for TDS/TCS statement filing from one year to one month. Changes effective April 2025....

July 26, 2024 864 Views 0 comment Print

Budget 2024 amends penalty for Undisclosed Foreign Income & Assets in ITR

Income Tax : New amendments to the Black Money Act from October 2024 raise the exemption threshold for penalties on foreign assets to ₹20 lak...

July 25, 2024 429 Views 0 comment Print

Budget 2024: Changes to Income Tax Penalty Limitation Period Provisions

Income Tax : Discover the proposed changes to Section 275 of the Income-tax Act, eliminating ambiguity in penalty imposition timelines. Effecti...

July 23, 2024 189 Views 0 comment Print

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 19395 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 12906 Views 0 comment Print


Latest Judiciary


ITAT Mumbai deletes penalty where addition was made on estimation basis

Income Tax : ITAT Mumbai removes penalty imposed on Sunil Bhagwandas Vorani (HUF) as addition was made on estimation basis, not due to concealm...

July 22, 2024 243 Views 0 comment Print

No penalty if contention of assessee was plausible and bona fide: Delhi HC

Income Tax : Delhi HC: No penalty for New Holland Tractors if assessee's contention was plausible and bona fide, provided full disclosure of fa...

July 6, 2024 552 Views 0 comment Print

No section 271D penalty for Cash receipt if reasonable cause exist

Income Tax : Read the full text of the ITAT Bangalore order in Laxmilal Badolla Vs NFAC. Penalty under Sec 271D cancelled due to reasonable cau...

July 4, 2024 717 Views 0 comment Print

Section 271D & 271E Penalty cannot be levied if assessment is quashed

Income Tax : Penalty u/s. 271D and 271E of the Income Tax Act cannot be imposed if assessment proceedings are quashed. Detailed analysis of Rav...

July 1, 2024 507 Views 0 comment Print

Income Tax Notices Sent to Old Address Without Evidence of Service: ITAT Deletes Section 271(1)(b) Penalty

Income Tax : Read the detailed analysis of Sumit Maheshwari Vs ITO case where ITAT Delhi deletes penalty u/s 271(1)(b) of Income Tax Act due to...

June 16, 2024 2220 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 16, 2024 11103 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 2730 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 7336 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 2557 Views 0 comment Print


Penalties imposable in Income Tax Search Cases

May 2, 2020 16059 Views 0 comment Print

Understand the penalties imposable in income tax search cases. Learn about the different types of penalties and their implications for tax compliance.

Critical Analysis of Section 271AAD- Penalty for Fake Transactions – Part Two

April 29, 2020 2403 Views 0 comment Print

The Authors in part one of the Article dealt with Historical Background and scope of Section 271AAD along with certain interesting issues. In this Article, the Authors would be addressing the other relevant issues in continuation to Part one.

Fake Invoicing – Penalty under Income Tax & GST

April 27, 2020 13539 Views 1 comment Print

In the recent past, GST Department has caught various fraudulent cases of Input Tax Credit. Fake invoice are issued without any actual supply of goods or services with an aim of claiming ITC and reduce GST output liability. To curb this, Finance Act,2020 has brought amendment to penalty provisions of Sec 122 & Sec 132 […]

Section 271AAD – Fair Interpretation and applicability

April 24, 2020 2058 Views 0 comment Print

Understand the implications of Section 271AAD of the Income Tax Act,2020. Learn about the fair interpretation and applicability of this important section.

Whether it is Mandatory to Mention Nature of Penalty w.r.t. Section 270A in Assessment Order

April 20, 2020 3066 Views 1 comment Print

Section 270A(8) states that where an under-reported income is in consequence of any misreporting by any person, such person shall be liable to pay 200% penalty on an amount of tax payable on such under-reported income.As per the said sub-section, penalty in case of misreporting is equal to 200% of under-reported income.

Analysis of Section 271AAD introduced by Finance Act 2020

April 18, 2020 2535 Views 0 comment Print

In the past we seen that, the GST department endeavours  several cases whereas fraudulent input tax credit has been availed and claimed. GST department stated that, in all cases bogus invoices are been obtained by the suppliers and fraudulently claim the ITC taken to reduce tax liability. The bogus invoices has been issued by the […]

Section 271AAD Penalty for false entry in books of account

April 12, 2020 7017 Views 0 comment Print

Understand the consequences of false entries in books of account. Learn about the penalty provisions introduced by Finance Act, 2020 to curb malpractices of issuing fake invoices.

Penalties Under Transfer Pricing

March 21, 2020 37824 Views 0 comment Print

Learn about the penalties under transfer pricing and how they apply to under reporting and misreporting of income.

No section 271E penalty if payments were genuine & duly accounted

March 18, 2020 1512 Views 0 comment Print

Penalty under section 271E for violation of provision of section 269T could not be levied as assessee-company repaid loans advances otherwise than by crossed cheque, however, it substantiated with relevant documents that all the payments made by it were genuine and all the creditors accounted the loans as well as the repayments in their books of account and moreover, it was a mere technical violation.

Section 270AA: Immunization of Section 270A Income Tax Penalty

March 17, 2020 7497 Views 0 comment Print

Understand the provisions of Section 270AA for immunization from income tax penalties. Learn how to apply for immunity from penalty and proceedings under Section 270A.

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