Income Tax : Resident taxpayers holding foreign assets or financial interests may be required to file returns and disclose such assets regardle...
Income Tax : The Tribunal ruled that non-specification of the precise statutory charge under sections 270A(2) and 270A(9) violated principles o...
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...
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 ITAT held that penalty for misreporting of income cannot be levied when the underlying addition is based merely on estimation ...
Income Tax : The Delhi ITAT upheld deletion of a penalty after finding that the show-cause notice failed to specify the applicable limb of Sect...
Income Tax : The assessee argued that payment of advance tax demonstrated absence of concealment. The High Court held that a subsequent conscio...
Income Tax : The Tribunal held that penalty under Section 272A(1)(d) could not survive once the Assessing Officer completed assessment under Se...
Income Tax : The ITAT Visakhapatnam reduced a penalty under Section 271(1)(b) from Rs.30,000 to Rs.10,000 after treating non-compliance with th...
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...
Read about Supreme Court’s decision in US Technologies case regarding TDS penalty under Section 271C of Income Tax Act, 1961, for delayed remittance.
ITAT Mumbai ruling on penalty u/s.271B for non-maintenance of books of accounts by an assessee engaged in trading, financing, realty, and commodities business. Analysis of Varadagovind Parthasarthy Iyer vs ITO case.
ITAT Jaipur’s decision on Sakku Devi’s penalty u/s 271(1)(b) of the Income Tax Act due to non-compliance with notices sent to an incorrect address.
Read the full text of the ITAT Delhi order in the case of DCIT vs. Sarva Haryana Gramin Bank regarding penalty under Section 271(1)(c) of the Income Tax Act.
In a landmark decision, ITAT Delhi rules no penalty under 271(1)(c) for a bonafide assessee who revised and added interest income. Analysis of Pramila Tarneja Vs DCIT case.
ITAT Mumbai’s ruling on penalty for concealed income based on estimated additions. Analysis of case, legal arguments, and conclusion.
In Gopinath Kanduri vs. ITO case, penalty under section 271D was imposed for a technical violation of section 269SS. Learn how tribunal ruled in favor of assessee.
Analysis of ITAT Chennai decision on V.S.J. Marketing Pvt. Vs DCIT. ITAT upholds penalty for failure to furnish Return of Income as concealment of income.
Explore the case of Dr. Babasaheb Ambedkar Urban Cooperative Bank Ltd. vs. DIT where penalty under Section 271FA for non-filing of AIR was deleted due to reasonable cause.
DCIT Vs Milan Kavinchandra Parikh (ITAT Mumbai) Introduction: The Income Tax Appellate Tribunal (ITAT) Mumbai recently delivered a pivotal judgment in the case between the Deputy Commissioner of Income Tax (DCIT) and Milan Kavinchandra Parikh. The judgment raises key questions surrounding the jurisdiction of penalties levied under section 271(1)(c) of the Income Tax Act, 1961. This […]
