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...
Income Tax : The law now proposes a single consolidated assessment-cum-penalty order for under-reporting of income, reducing multiple proceedin...
Income Tax : The Tribunal held that penalty under Section 271DA cannot be imposed when the assessment order lacks recorded satisfaction of a 26...
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 case addressed ambiguity in penalty proceedings where the specific charge was not identified. The Court upheld deletion of pen...
Income Tax : The case involved an ambiguous penalty notice that did not clarify whether the charge was concealment or inaccurate particulars. T...
Income Tax : The case involved penalty on disallowance of purchases treated as non-genuine and estimated at 12.5%. Tribunal ruled that estimate...
Income Tax : The Tribunal held that penalty under section 271(1)(c) cannot be sustained when identical facts in earlier years led to deletion. ...
Income Tax : The ITAT held that penalty proceedings are invalid where the Assessing Officer does not specify whether the charge is concealment ...
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...
The Authors in part one of the Article dealt with Historical Background and scope of Section 271AAD along with certain interesting issues. In this Article, the Authors would be addressing the other relevant issues in continuation to Part one.
In the recent past, GST Department has caught various fraudulent cases of Input Tax Credit. Fake invoice are issued without any actual supply of goods or services with an aim of claiming ITC and reduce GST output liability. To curb this, Finance Act,2020 has brought amendment to penalty provisions of Sec 122 & Sec 132 […]
Understand the implications of Section 271AAD of the Income Tax Act,2020. Learn about the fair interpretation and applicability of this important section.
Section 270A(8) states that where an under-reported income is in consequence of any misreporting by any person, such person shall be liable to pay 200% penalty on an amount of tax payable on such under-reported income.As per the said sub-section, penalty in case of misreporting is equal to 200% of under-reported income.
In the past we seen that, the GST department endeavours several cases whereas fraudulent input tax credit has been availed and claimed. GST department stated that, in all cases bogus invoices are been obtained by the suppliers and fraudulently claim the ITC taken to reduce tax liability. The bogus invoices has been issued by the […]
Understand the consequences of false entries in books of account. Learn about the penalty provisions introduced by Finance Act, 2020 to curb malpractices of issuing fake invoices.
Learn about the penalties under transfer pricing and how they apply to under reporting and misreporting of income.
Penalty under section 271E for violation of provision of section 269T could not be levied as assessee-company repaid loans advances otherwise than by crossed cheque, however, it substantiated with relevant documents that all the payments made by it were genuine and all the creditors accounted the loans as well as the repayments in their books of account and moreover, it was a mere technical violation.
Understand the provisions of Section 270AA for immunization from income tax penalties. Learn how to apply for immunity from penalty and proceedings under Section 270A.
Penalty for Fake Invoices and False Entries – Section 271AAD under Income Tax Act, 1961 & Section 122 of CGST Act, 2017 Various cases of fraudulent input tax credit claims have been caught by the GST Authorities nowadays. In most of the cases fake invoices are used to claim fraudulent input tax credit which is […]
