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Income Tax Penalty

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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 1233 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 6132 Views 0 comment Print

Supreme Court Ruling on TDS Penalty in US Technologies Case – A Detailed Analysis

Income Tax : Read about Supreme Court's decision in US Technologies case regarding TDS penalty under Section 271C of Income Tax Act, 1961, for ...

September 30, 2023 2100 Views 0 comment Print

Wrong Income Tax Refund Claims: Consequences & Remedies

Income Tax : Explore the consequences of making incorrect income tax refund claims and the associated legal ramifications. Understand the penal...

August 20, 2023 2871 Views 0 comment Print

File Income Tax Return & Verify in 30 Days or Pay Rs.1000/5000 Penalty

Income Tax : Learn about consequences of not verifying your Income Tax Return within 30 days. Avoid penalties, delayed refunds, and loss of ben...

August 18, 2023 4908 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 19293 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 12783 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 40800 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 4284 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 65970 Views 31 comments Print


Covid 19 & mere 2 days to reply notice is reasonable cause: Section 271(1)(b) deleted

October 26, 2023 366 Views 0 comment Print

Explore case of Manjeet Kaur vs ITO, where a penalty under Section 271(1)(b) was contested due to a reasonable cause amid Covid-19. Full ITAT Jaipur order analysis.

Penalty Not Leviable under Section 271AAA Without Specific Inquiry

October 25, 2023 534 Views 0 comment Print

In a case of Vikram Dhirani vs. DCIT, ITAT Delhi rules in favor of the assessee, deleting the penalty under section 271AAA due to the lack of opportunity to explain undisclosed income source during search proceedings.

ITAT deletes Penalty for Bonafide Mistake in Tax Return

October 22, 2023 600 Views 0 comment Print

In a significant decision, ITAT Ahmedabad rules that a bonafide mistake in computing income tax does not constitute furnishing inaccurate particulars or concealment of income. Full analysis here.

Section 271(1)(c) penalties leviable only in clear cases of income concealment or inaccurate reporting

October 22, 2023 873 Views 0 comment Print

Read the full text of the ITAT Ahmedabad order regarding the penalty under Section 271 in the case of Harson Labs Pvt. Ltd. vs. ACIT for Assessment Year 2015-16.

No Section 271D Penalty for Loans Through Banking Channels: ITAT Ahmedabad

October 22, 2023 222 Views 0 comment Print

ITAT Ahmedabad rules that penalties under Section 271D of the Income Tax Act cannot be imposed on loans transacted through banking channels. Details and analysis.

ITAT Upholds Penalty for Income Concealment Despite Retracted Confession

October 19, 2023 339 Views 0 comment Print

ITAT Delhi affirms penalty under section 271(1)(c) of Income Tax Act against Amandeep Singh Sran for concealing income. Analysis of the case and its implications.

Penalty u/s 271B not leviable as benefit of presumptive taxation upto Rs. 2 Crores available

October 14, 2023 5955 Views 0 comment Print

ITAT Jaipur held that penalty under section 271B of the Income Tax Act not leviable as the assessee is eligible to avail the benefit of presumptive taxation up to Rs. 2 Crores as per section 44D of the Income Tax Act.

Penalty u/s 270A unsustainable as non-declaration cannot be equated as underreporting of income

October 11, 2023 1233 Views 0 comment Print

ITAT Mumbai held that penalty under section 270A of the Income Tax Act unsustainable as non-declaration of interest on income tax refund was bona fide and cannot be said to be underreporting of income.

Delay to due to Relying on Auditor for Return Filing Justifies Section 273B Penalty Deletion

October 10, 2023 354 Views 0 comment Print

Learn why ITAT Chennai deleted the penalty in the case of S. A. Poultry Farms vs. ITO for failure to upload the income tax return electronically. Detailed analysis provided.

Section 271(1)(c) penalty unjustified without Income Concealment or Inaccurate Particulars

October 3, 2023 1965 Views 0 comment Print

ITAT Delhi held that imposition of penalty u/s. 271(1)(c) of the Income Tax Act unsustainable in absence of any concealment of income or furnishing inaccurate particulars of income by the assessee.

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