Income Tax : Understand why an income-tax penalty under Section 271(1)(c) is invalid if the charge isn't specified as concealment or inaccurate...
Income Tax : Learn how taxpayers can defer income tax penalty proceedings when quantum additions are under appeal. Understand legal grounds and...
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 : 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 : Delhi ITAT sets aside penalty on Globus Infocom for non-compliance, citing AO's own records and a crucial precedent on Section 143...
Income Tax : Delhi ITAT set aside penalties against Delhi Building & Others for Assessment Years 2007-08 and 2008-09, citing the Assessing Offi...
Income Tax : ITAT Surat deleted a Section 271(1)(c) penalty against Gunjan Agarwal, ruling that an addition based on estimated income does not ...
Income Tax : ITAT Pune quashes Section 271(1)(c) penalty on Intervalve Poonawalla for leave encashment disallowance, citing full disclosure and...
Corporate Law : Telangana High Court dismisses a bookie's appeal, affirming a Rs. 1 lakh penalty for failing to audit accounts despite a high turn...
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...
Assessee must be informed of grounds of penalty proceedings through statutory notice and an omnibus notice suffers from vice of vagueness
Assessee was not keeping good health for which she was not in a position to obtain Audit Report in time, and, therefore, could not file before statutory due date
Since the quantum addition stands deleted by the ITAT in the above order, there remains no basis for levy of penalty under section 271(1)(c)
As the turnover of the assessee was less than the prescribed limit fixed for tax audit, provisions of Section 44AB of the Act are not applicable to the assessee. When the provisions of Section 44 AB of the Act are not applicable to the facts of the case, levy of penalty under Section 271B of the Act does not arise.
Share application money is not loan or deposit and hence not falls u/s 269SS of the Act and penalty u/s 271D cannot be levied.
If initiation of penalty is one limb & levy of penalty is on other limb, then in absence of proper SCN, there is no merit in levy of penalty
ITO (TDS) Vs Hadpawat Enterprises (P) Ltd. (ITAT Jodhpur) From a plain reading of second proviso to Section 272A(2) which is inserted by the Finance Act, 2012 w.e.f. 01-07-2012, it is clear that penalty under clause (k) of Section 272(A)(2) cannot be levied on or after the 1st Day of July, 2012. In the instant […]
Maranaikana Halli Jayashella Shetty Pradeepkumar Vs ACIT (ITAT Bangalore) 271B Penalty- When the Assessee Has Not Maintained the Books of Account, There Is No Question of Getting the Books of Account Audited U/S 44AB Assessment was completed u/s 143(3) making additions to the returned income u/s 44AD. AO initiated penalty proceedings u/s 271A & 271B. […]
If sales are not disputed, entire alleged bogus purchases cannot be disallowed and only the gross profit on the alleged purchases to be disallowed. No penalty under section 271(1)(c) is leviable on estimated additions.
ITAT held that if a Penalty notice is vague then penalty proceedings initiated under section 271(1)(c) on that basis were vitiate
