Income Tax Penalty - Page 4

No section 271(1)(c) Penalty on Income Surrendered Voluntarily during Assessment

Aravind Kumar Agarwal Vs ACIT (OSD) (ITAT Kolkata)

The issue under consideration is whether Penalty u/s 271(1)(c) can be levied in the case where the assessee surrendered the income voluntarily during the course of the assessment?...

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No Section 271F Penalty if Reasonable Cause exists for Non Filing of ITR

Arjun Dada Kharate Vs DCIT (ITAT Pune)

The issue under consideration is whether the Penalty u/s 271F will be levied for non filing of Income Tax Return even in case of reasonable cause?...

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Penalty Order in Name of erstwhile Dissolved Company is invalid

V3S Infratech Ltd. Vs DCIT (ITAT Delhi)

Impugned penalty order passed by the AO in the name of erstwhile dissolved company is a substantive illegality and not a procedural violation of the nature adverted to in Section 292B;...

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Beginning of a new penalty era – Section 270A

New penalty law was inserted vide section 270A under the Income Tax Act, 1961 ('the Act') which is based on under-reporting and misreporting of income, replacing the erstwhile basis of concealment or furnishing of inaccurate particulars of income....

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Posted Under: Income Tax |

TDS Certificates – Detailed Discussion

As we all are aware that the TDS return process will consider as incomplete until the Valid TDS certificate has been issued by the deductor. Now if we focus on the word Valid TDS Certificate, it means Form 16/ Form 16A issued by authenticated authority. As on the current date the TRACES have the authorisation […]...

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Consequences of TDS defaults under Income Tax Act 1961

TDS/TCS compliances is one of the major compliance under Income Tax Act, 1961 and has a wide scope of its applicability to the business organizations. Small businesses are not much aware of the overall implications of non compliances of the TDS/ TCS provisions and ends up in paying the higher penal charges due to not following the deadlin...

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Posted Under: Income Tax |

Penalty proceedings initiated after 4.5 years not sustainable

Amit Sabharwal Vs ITO (ITAT Delhi)

The issue under consideration is whether the penalty proceeding initiated after 4.5 years from date of original assessment order is justified in lawand also when order was silent about the levy of penalty under section 271B?...

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Penalty can be levied on same ground on which proceedings was initiated

Sam India Builtwell (P) Ltd. Vs DCIT (ITAT Delhi)

ITAT states that, disclosure of manner in which undisclosed income was earned and substantiating the manner in which undisclosed income was earned are two different things. Hence, there is no clarity in the stand of the Revenue for initiation of penalty under Section 271AAA,...

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Addition on estimate basis – Section 271(1)(c) cannot be imposed

Samatbhai Malabhai Parmar Vs ITO (ITAT Rajkot)

It is a settled principle of law that where addition to assessee’s income is made on estimate basis penalty under section 271(1)(c) cannot be imposed....

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Filing belated Return of Income u/s 139(4) Vs. Prosecution U/s 276CC

In practice in spite of reminders, many of our clients do not file Return of Income within the time specified u/s 139 (1) or before the end of relevant assessment year. Provisions of section 139(4) allow to file Return of Income, before the expiry of the relevant assessment year. Considering the provisions of section 139(1)/139(4), [&hell...

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Posted Under: Income Tax |

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September 2021