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...
Income Tax : The law now proposes a single consolidated assessment-cum-penalty order for under-reporting of income, reducing multiple proceedin...
Income Tax : The Tribunal held that penalty under Section 271DA cannot be imposed when the assessment order lacks recorded satisfaction of a 26...
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 case addressed ambiguity in penalty proceedings where the specific charge was not identified. The Court upheld deletion of pen...
Income Tax : The case involved an ambiguous penalty notice that did not clarify whether the charge was concealment or inaccurate particulars. T...
Income Tax : The case involved penalty on disallowance of purchases treated as non-genuine and estimated at 12.5%. Tribunal ruled that estimate...
Income Tax : The Tribunal held that penalty under section 271(1)(c) cannot be sustained when identical facts in earlier years led to deletion. ...
Income Tax : The ITAT held that penalty proceedings are invalid where the Assessing Officer does not specify whether the charge is concealment ...
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 the full text of the ITAT Chennai order in the case of Edward Sam Vs ITO. Penalty provisions u/s 271(1)(c) are analyzed in light of quantum additions made using peak credit theory
Delhi ITAT removes penalty on Riyasat Palaces Limited in tax dispute with ACIT, redefining interpretation of inaccurate particulars.
Exploring the ITAT Agra ruling on Sh. Akshat Doneria Vs ITO, clarifying that no penalty under s.271(1)(b) should be imposed if non-compliance arises from non-receipt of notice.
ITAT Jaipur held that imposition of penalty under section 271AAB of the Income Tax Act unsustainable as income does not fall in the category of undisclosed income.
An examination of section 271AAB penalty when no undisclosed income is found during search actions. Discover how ITAT Nagpur ruled on this critical tax law issue.
Delhi High Court supports Valley Iron & Steel Co.’s voluntary enhancement of disallowance under Section 43B of the Income Tax Act. Detailed analysis and implications here.
Analysis of the recent ITAT ruling on Pawan Satyanarain Jalan Vs Assessing Officer Central where the penalty under Section 271AAB of the Income Tax Act was deleted.
In a landmark ruling, Delhi High Court quashes TDS penal action against DLF Homes Panchkula Pvt Ltd for the FY 2013-14. Detailed verdict here.
ITAT Mumbai rules that penalty under section 271(1)(c) of the Income Tax Act is not leviable on estimated additions. The decision is based on the principle established in previous judgments.
In a significant ruling, ITAT Ahmedabad relieves an assessee from penalties due to accountant’s mistake. Full review of Dharmendrakumar B Mehta Vs ITO case here.
