Income Tax : Understand penalties for under-reporting or misreporting income under Section 270A of the Income Tax Act. Fines range from 50% to ...
Income Tax : Understand relief mechanisms and defences under Section 271D of the Income Tax Act for accepting cash loans or deposits over ₹20...
Income Tax : Simplified penalty timelines under Section 275 effective April 2025, including changes in penalty powers, omissions, and clarifica...
Income Tax : Appeal against penalty under Section 271(1)(b) citing ill health, lack of awareness of Faceless Scheme, and procedural lapses. Req...
Income Tax : Section 115BBE imposes a high tax rate on unexplained income to prevent tax evasion. Learn about tax rates, penalties, and complia...
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 : In view of Indiscriminate notices by income Tax Department without allowing reasonable time it is requested to Finance Ministry an...
Income Tax : The Rajasthan High Court upheld that penalty proceedings under the Income Tax Act require specific, recorded satisfaction by the A...
Income Tax : Delhi High Court dismisses Revenue appeal, upholding penalty cancellation on Genpact Services LLC over debated expense classificat...
Income Tax : Tax penalty under Section 271(1)(c) deleted by ITAT for an assessee whose income was misreported by a consultant, citing voluntary...
Income Tax : ITAT Surat cancels penalty on Sahajanand Medical for a depreciation claim error, stating Section 271(1)(c) doesn't apply to honest...
Income Tax : Supreme Court overturns penalty on PwC for a genuine error in income tax return, noting clear disclosure in tax audit report negat...
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...
Simplified penalty timelines under Section 275 effective April 2025, including changes in penalty powers, omissions, and clarifications on Section 271AAB.
ITAT Bangalore held that that mens rea is not an essential condition for imposing penalties under civil acts. Penalty u/s. 270A of the Income Tax Act nowhere specifically refers necessity of presence of mens rea for levy of penalty. Accordingly, appeal of revenue allowed.
ITAT Delhi quashes penalty on Babu Ram u/s 271(1)(c) as barred by limitation. Penalty order dated April 1, 2022, violated extended timelines due to COVID-19.
ITAT Pune rules in Ramchandra Jadhavrao vs. ACIT that no penalty under Section 271(1)(c) applies if income is declared in return post-survey.
ITAT Mumbai rules that penalty under Section 271(1)(c) of the Income Tax Act cannot be levied on ad-hoc estimated income, dismissing Revenue’s appeal in ITO vs. Ashok Industrial Corporation.
ITAT Mumbai ruled on Dev Engineers Vs DCIT, deleting penalties under Sections 271(1)(c) and 271AAB. Additions were based on estimation, lacking evidence of concealment.
ITAT Jaipur quashes 271D penalty against Balbir Singh, ruling funds received were advances, not loans, after verifying property ownership.
Appeal against penalty under Section 271(1)(b) citing ill health, lack of awareness of Faceless Scheme, and procedural lapses. Request for deletion based on valid grounds.
Section 115BBE imposes a high tax rate on unexplained income to prevent tax evasion. Learn about tax rates, penalties, and compliance strategies.
ITAT Ahmedabad condones delay in appeal and remands case to CIT(A) for fresh adjudication in Lahar Joshi vs. ITO. Fair hearing and natural justice emphasized.
