Income Tax : Discover penalties and prosecutions under the Income Tax Act, 1961, including default conditions, quantum of penalties, and potent...
Finance : Learn about Section 270A introduced in Finance Act 2016, effective from April 1, 2017, outlining penalties for under-reporting and...
Income Tax : Explore why penalties should not be imposed on estimated income, supported by legal rulings and principles ensuring fair tax admin...
Income Tax : Discover the implications of Income Tax Act Section 270A and penalties for under-reporting or misreporting income. Learn calculati...
Income Tax : Apart from penalty for various defaults, the Income-tax Act also contains provisions for launching prosecution proceedings against...
Income Tax : ITAT Chennai allowed the appeal of Tractors and Farm Equipment Ltd, overturning the penalty under section 271(1)(c) for inaccurate...
Income Tax : ITAT Cuttack dismisses revenue's appeal, upholding CIT(A)'s decision to delete ₹3.08 crore penalty as the underlying quantum add...
Income Tax : Calcutta HC dismisses revenue's appeal in PCIT vs. Chetan Kumar Tekriwal case, ruling that Section 271(1)(c) penalty is not applic...
Income Tax : Hon’ble ITAT Pune rules that penalties under Section 271(1)(c) should not be imposed for genuine mistakes or debatable claims in...
Income Tax : ITAT Kolkata allows appeal, deletes Rs. 1,99,911 penalty imposed under Section 271(1)(c) of the Income Tax Act for commission inco...
ITAT Chennai allowed the appeal of Tractors and Farm Equipment Ltd, overturning the penalty under section 271(1)(c) for inaccurate income particulars.
ITAT Cuttack dismisses revenue’s appeal, upholding CIT(A)’s decision to delete ₹3.08 crore penalty as the underlying quantum addition no longer exists.
Calcutta HC dismisses revenue’s appeal in PCIT vs. Chetan Kumar Tekriwal case, ruling that Section 271(1)(c) penalty is not applicable when full disclosure is made.
Hon’ble ITAT Pune rules that penalties under Section 271(1)(c) should not be imposed for genuine mistakes or debatable claims in tax assessments.
ITAT Kolkata allows appeal, deletes Rs. 1,99,911 penalty imposed under Section 271(1)(c) of the Income Tax Act for commission income estimation dispute.
ITAT held that disallowances based on estimations do not constitute underreporting of income and thus are not grounds for a penalty under Section 270A.
Discover penalties and prosecutions under the Income Tax Act, 1961, including default conditions, quantum of penalties, and potential legal consequences.
ITAT Ahmedabad deletes penalty on Shree Gunatit Jyot Mahila Trust for a bona fide error in deduction claim on building construction expenses.
ITAT Ahmedabad held that merely making a claim that is not sustainable does not amount to furnishing inaccurate particulars of income. Accordingly, penalty u/s. 271(1)(c) of the Income Tax Act not justified.
Learn about Section 270A introduced in Finance Act 2016, effective from April 1, 2017, outlining penalties for under-reporting and misreporting of income.
