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 : Income Tax Act amendments propose penalties by Assessing Officers instead of Joint Commissioners. Omission of section 271BB and ch...
Income Tax : From April 2025, Section 275 amendments standardize the penalty timeline to six months from the end of the quarter in which procee...
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 Mumbai deletes penalty under Section 271(1)(c) on estimated GP additions for alleged bogus purchases in Om Sai Traders case f...
Income Tax : ITAT Surat remands penalty case under Section 271B to AO, ruling that bank transactions alone cannot determine turnover. Fresh con...
Income Tax : ITAT Chennai rules that debatable tax claims made in good faith do not warrant penalties under Section 270A of the Income Tax Act....
Income Tax : ITAT Bangalore held that that mens rea is not an essential condition for imposing penalties under civil acts. Penalty u/s. 270A of...
Income Tax : ITAT Delhi quashes penalty on Babu Ram u/s 271(1)(c) as barred by limitation. Penalty order dated April 1, 2022, violated extended...
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...
Finance Bill 2025 rationalizes the time-limit for imposing penalties under section 275 of the Income-tax Act, setting a uniform limit of six months.
Post-Finance Bill 2025, penalties under specified sections of the Income-tax Act will be levied by the Assessing Officer, with Joint Commissioner approval for higher amounts.
Penalty under Section 271AAB of the Income-tax Act is not applicable for searches after 1st September 2024, replaced by Section 158BFA penalty.
Read the full text of the ITAT Bangalore order in the DACSS Granites Pvt. Ltd. case. The tribunal rules that immunity under Section 270AA(2) cannot be denied due to a belated Form-68 application.
ITAT Ahmedabad dismisses penalty for disallowance of deduction under section 80IA(4), ruling in favor of the assessee as a developer.
ITAT Mumbai rules that penalty cannot be maintained after assessment order is quashed, restoring a case to CIT(A) for fresh hearing.
ITAT Delhi upholds penalty under Section 271(1)(b) against Sanjay Dalmia for not signing consent waiver form related to undisclosed HSBC bank account details.
ITAT Delhi ruled in Rekha Rani vs. DCIT that penalty under Section 271(1)(b) cannot be imposed for each non-compliance of Section 143(2) notices, only for the first default.
ITAT Delhi quashes Section 271(1)(b) penalty against Charu Modi Bhartia, citing lack of evidence on alleged foreign bank account ownership with HSBC Geneva.
ITAT Ahmedabad ruled in favor of the assessee, deleting penalties under Section 271(1)(b) for A.Ys. 2012-13 & 2013-14, citing lack of non-compliance evidence.
