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Income Tax Penalty

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Draft Submission- No Section 271(1)(c) penalty when no specific limb been mentioned

Income Tax : Grounds of Appeal related to the penalty imposed u/s 271(1)(c) of the Act , 1961 AY 2015-16 1. In the facts and circumstances of t...

April 23, 2024 1143 Views 0 comment Print

Section 271B: How to Safeguard Against Audit Penalty

Income Tax : Dive into Section 271B's mandates, penalties, and exemptions under the Income Tax Act. Explore real cases, challenges, and strateg...

April 17, 2024 5556 Views 0 comment Print

How Penalty Under Section 270A Can Be Avoided

Income Tax : Learn how to avoid penalties under Section 270A of the Income Tax Act through understanding its provisions and utilizing Section 2...

April 9, 2024 4017 Views 0 comment Print

A Critical Appreciation of Ranchi Bench of ITAT in Rakesh Kr. Jha vs. ITO

Income Tax : Explore recent ITAT judgment in Rakesh Kr. Jha vs. ITO, delving into interpretation of Sections 271A and 271B, highlighting confli...

November 29, 2023 1461 Views 0 comment Print

Penalties for not Maintaining Documents for Specified Domestic Transactions

Income Tax : Penalties for failing to maintain records of specified domestic transactions. Learn about arm's length pricing & essential documen...

November 3, 2023 6225 Views 0 comment Print

Latest News

Late Fees, Interest, threat to levy penalty or to initiate prosecution – Tax Terrorism

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...

October 21, 2022 19338 Views 6 comments Print

Indiscriminate Income Tax notices without allowing reasonable time

Income Tax : In view of Indiscriminate notices by income Tax Department without allowing reasonable time it is requested to Finance Ministry an...

March 20, 2022 12846 Views 0 comment Print

Extend Time Limit for Income Tax Assessment time barring on 31.3.2022

Income Tax : Lucknow CA Tax Practicioners Association has made a Representation to FM for Extension of Time Limit for Assessment cases time bar...

March 20, 2022 41166 Views 2 comments Print

Request for Rationalisation of Section 270AA Penalty Provisions

Income Tax : A reasonable leniency may be exercised by the AOs to allow the Taxpayer’s who have paid the tax and interest beyond the time lim...

August 22, 2021 4560 Views 1 comment Print

Section 234F Fee for delayed filing of return causing undue hardship

Income Tax : The Finance Bill, 2017 proposes to levy fees of Rs.5,000 in case where return is furnished after the due date but on or before 31S...

January 21, 2020 66063 Views 31 comments Print

Latest Judiciary

No Penalty Under Section 271(1)(c) When No Tax is Evaded

Income Tax : Can penalty under Section 271(1)(c) be imposed if self-assessment tax was paid before notice u/s 148? Read the detailed analysis o...

May 17, 2024 3681 Views 0 comment Print

No Section 271B penalty if reasonable cause exist for delay in furnishing Tax Audit Report

Income Tax : Detailed analysis of the appeal against a penalty imposed under Section 271B of the Income Tax Act by the ITAT Delhi in the case o...

May 9, 2024 417 Views 0 comment Print

Differences in Approved Valuer’s Opinion Not Concealment of Income: ITAT Chennai

Income Tax : ITAT Chennai observed that differences in valuation opinions are common, and the assessee's claim based on an approved valuer's re...

May 9, 2024 243 Views 0 comment Print

No Penalty for Expenses Disallowed Ad Hoc or Due to some Missing Vouchers

Income Tax : ITAT observed that the disallowance of expenses by the AO was on an estimate and ad hoc basis due to the absence of supporting evi...

May 9, 2024 270 Views 0 comment Print

No section 270A penalty for addition on account of estimation of fair market value by Valuation Officer

Income Tax : ITAT Mumbai rules penalty under Section 270A deleted as I-T authority failed to consider reasons for difference in sale considerat...

May 9, 2024 519 Views 0 comment Print

Latest Notifications

NFRA Penalizes RCFL Auditors with ₹2.5 Crore Fine for Audit Misconduct

Company Law : The NFRA fines Shridhar & Associates and CA Ajay Vastani for professional misconduct in auditing RCFL's financials for FY 2018-19....

May 17, 2024 9285 Views 0 comment Print

Scope of Penalties to be assigned to Faceless Penalty Scheme, 2021

Income Tax : Order under Para 3 of the Faceless Penalty Scheme, 2021, for defining the scope of ‘Penalties’ to be assigned to the F...

February 26, 2021 2688 Views 0 comment Print

Limitation for penalty proceedings U/s. 271D & 271E

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...

April 26, 2016 7312 Views 0 comment Print

Limitation commencement for penalty proceedings U/s. 271D &271E

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...

April 26, 2016 2452 Views 0 comment Print

Mere making a claim which is incorrect in law not amounts to giving inaccurate particulars

February 6, 2011 2035 Views 0 comment Print

Penalty proceedings- Mere submitting a claim which is incorrect in law would not amount to giving inaccurate particulars of income of assessee, but if claim besides being incorrect in law is malafide, Explanation 1 to section 271(1)(c) comes into play and work to disadvantage of assessee.

No Penalty for bonafide difference of opinion in selection of transfer pricing method

November 15, 2010 2903 Views 0 comment Print

The Tribunal ruling has reiterated the principle of ‘bona fide difference of opinion’ arising in the context of application of most appropriate transfer pricing method. The Tribunal has ruled that any addition to income arising as a result of bona fide difference of opinion cannot be used as a basis for levy of penalty.

CVC advises major penalty against 15 officers from Central Board of Excise & Customs

June 27, 2010 547 Views 0 comment Print

THE Central Vigilance Commission disposed of 1266 cases during April 2010 referred to it for advice. The Commission advised imposition of major penalty against 99 officers including 15 from Central Board of Excise & Customs, 13 from State Bank of Bikaner & Jaipur, 11 from Coal India Ltd., 8 from M/o Railways, 7 each from UCO Bank and Bank of Baroda, 5 from MCD, 4 each from Bharat Sanchar Nigam Limited and Department of Telecommunications, 3 each from Canara Bank and DDA.

Penalty of Rs. One Lakh on Excise officer for recovery during stay period

March 19, 2010 564 Views 0 comment Print

In the case of M/s Galaxy Indo Fab. Limited Vs. Union of India and others since the appeal could not be decided within a period of 180 days, the M/s Galaxy Indo Fab. Limited (petitioner) moved a miscellaneous application for extension of the stay order. The Tribunal vide order dated 14.8.2008 extended the stay order, already granted, till the disposal of the appeal.

To avoid penalty for late payment, pay excise duty with interest

February 28, 2010 23023 Views 27 comments Print

WHEN section 11A(2B) of the CEA, 1944 made its appearance in the statute by the Finance Act, 2001 it came as a whiff of fresh air for assessees who had not paid, short paid, short levied/paid any duty of excise. The provision allowed a manufacturer to pay such un-paid Central Excise duty along with interest under section 11AB of the CEA, 1944 and inform the Central Excise officer who after being satisfied of this ascertainment lets go of the formality of issuance of the show cause notice in respect of the duty so paid .

CVC advised imposition of major penalty against 66 Government Employees including six officials from Central Board of Excise and Custom

February 17, 2010 444 Views 0 comment Print

THE CVC had disposed off 468 cases during December 2009 referred to it for advice. The Commission advised initiations of major penalty proceedings against 70 officers. Of these, 20 were from public sector banks, 17 from M/o Railways, 11 from Northern Coalfields Ltd., 4 from Western Coalfields Ltd., 3 from MCD, 2 each from Ministry of Home Affairs and Central Board of Excise and Customs. The remaining 9 cases pertained to different departments of the Government of India and PSUs.

Larger SC Bench Reverses Law on Penalty & Circulars

October 24, 2008 585 Views 0 comment Print

In a crucial judgment on the scope of penalty provisions in tax and other civil liability laws, the Supreme Court has significantly broadened their scope (Union of India v. Dharmendra Textile Processors, CA Nos. 10289 – 10303 of 2003, decided on September 29, 2008, per Pasayat J.). The judgment of the three-judge Bench on a reference from a Division Bench overrules the important decision in Dilip Shroff v. JCIT. The following is an argument that it has done so unsatisfactorily.

Levy of penalty U/s. 11AC is a mandatory penalty & there is no scope for any discretion: SC

September 29, 2008 3338 Views 0 comment Print

Union of India v. Dharmendra Textile Processors – The Explanations appended to Section 272(1)(c) of the IT Act entirely indicates the element of strict liability on the assessee for concealment or for giving inaccurate particulars while filing return.

Penalty can be imposed even if there is a loss- SC larger bench

September 12, 2008 292 Views 0 comment Print

CIT vs. Gold Coin Health – The recommendations of the Wanchoo Committee and the CBDT Circular make it clear that the amendment to Expl. 4 to s. 271(1)(c) was to make explicit what was otherwise implicit i.e. that penalty can be imposed even in a case where the assessment results in a loss.

Penalty under section 158BFA(1) is discretionary not mandatory

August 20, 2008 538 Views 0 comment Print

CIT vs. Dodsal Ltd (Bombay High Court) – It is not possible to accept the submission of the Revenue that once the AO comes to the conclusion that there is a breach of the mandate of Section 158BFA(1), then the penalty has to be mandatory imposed. The terminology of section 158BFA makes it clear that the AO has a discretion in the matter of levy of penalty.

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May 2024