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It upheld the view of the Tribunal that the imposition of penalty was not justified as admission of appeal in quantum proceeding on this issue as substantial question of law was proof enough of the issue being debatable.
These four appeals by the revenue, under Section 260-A of the Income Tax Act, (“the Act”) are directed against four separate orders of the Income Tax Appellate Tribunal (Delhi Bench) (“ITAT”) for AY 2005-06 and 2006- 07. The following common question of law was framed for decision by this court
The addition has been made invoking the deeming provisions of section 50c of the Act. There is no finding that the actual sale consideration is more than that mentioned in the sale agreement.
Penalty proceedings for default in not having transactions through the bank as required under Sections 269SS and 269T are not related to the assessment proceeding but are independent of it.
Articles gives Suggestions For Budget 2017-18 – Rationalization Of Penalty Provisions U/s. 271B For Non / Delayed Filing Of Tax Audit Report
Demonetization of Indian High Value Currency Notes is creating havoc and sheer chaos in the Indian Markets. Amidst such a scenario, rumours are spreading on imposition of 200% penalty by the Income Tax Department on the cash deposited in banks by the assessee’s.
The Finance bill 2016 bought a new array of sections to the income tax act that are section 270A and 270AA. The law aims to provide a new procedure for charging penalty for concealment or understatement of income which intends to replace the existing array of sections that is 271(1)(c).
In this article, possibility for levy of penalty U/s. 270A of the Income Tax Act has been analysed in case where a person deposits his unaccounted cash in bank account and paid due tax thereon in return of income for AY 2017-18.
The penalty of 200% is a reality and levied under section 270A of the income tax act, 1961 in cases of under-reporting of income or misreporting of income.
I am talking about the reports and memes which say that you will have to pay almost 95% tax on the old cash you deposit in banks. Some in social media even interpreted that the 200% penalty is on the income, thus you need to pay more than your income.
