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...
Analysis of ITAT Ahmedabad’s decision in Unity Dye Chem Pvt. Ltd. vs CIT case. Penalty under section 271C not applicable if TDS non-deduction supported by Form 15G/H.
Read the full text of ITAT Ahmedabad’s order deleting the penalty u/s 271(1)(c) for Dineshkumar Kanjibhai Patel-HUF as no concealment of particulars or inaccurate income filing found.
Explore the ITAT Delhi’s ruling in the Sheetal Mehra vs ITO case, where an inconsistent application of penalty led to its deletion.
Explore the ITAT Indore verdict regarding the case between Ankit Khandelwal and Assessing Officer, highlighting the deletion of a penalty under Section 273B due to non-receipt of e-assessment notice.
Read about the ITAT Mumbai ruling in DCIT Vs Knight Riders Sports Pvt Ltd, where penalty is cancelled due to deleted additions in quantum appeal.
ITAT Jaipur lifts penalty for Mukesh Pathaks late ITR filing, deeming it a bona fide mistake with no revenue loss as proper tax was already paid.
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.
