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...
ITAT Delhi held that imposition of penalty under section 271(1)(c) of the Income Tax Act on a highly debatable issue is unsustainable in law.
In the present case, the very addition in the declared income has been deleted by the Tribunal therefore, there is no foundation to compute the penalty upon the assessee. In view of the deletion of the additions in the quantum appeal, no penalty is imposable upon the assessee.
Penalty order did not specify the charge & penalty was imposed purely on the basis of estimation of income so not valid
ITAT Ahmedabad held that penalty under section 271(1)(c) of the Income Tax Act not leviable as assessee claimed the deduction u/s. 80P(2)(a)(i) of the Act, with respect to the interest income under a bonafide belief.
ITAT held that when the notices issued by the AO are bad in law being vague and ambiguous having not specified under which limb of section 271(1)(c) of the Act, the penalty proceedings initiated u/s 271(1)(c) are not sustainable.
ITAT Hyderabad in case of excess stock of gold found during survey held that penalty u/s 271(1)(c) of the Income Tax Act up to 100% of the tax evaded is justified instead of 298% as upheld by CIT(A).
Assessee must be informed of grounds of penalty proceedings through statutory notice and an omnibus notice suffers from vice of vagueness
Assessee was not keeping good health for which she was not in a position to obtain Audit Report in time, and, therefore, could not file before statutory due date
Since the quantum addition stands deleted by the ITAT in the above order, there remains no basis for levy of penalty under section 271(1)(c)
As the turnover of the assessee was less than the prescribed limit fixed for tax audit, provisions of Section 44AB of the Act are not applicable to the assessee. When the provisions of Section 44 AB of the Act are not applicable to the facts of the case, levy of penalty under Section 271B of the Act does not arise.
