Income Tax : The law now proposes a single consolidated assessment-cum-penalty order for under-reporting of income, reducing multiple proceedin...
Income Tax : A summary of key penalties under the Income Tax Act for AY 2026-27, covering defaults from late filing and non-payment to misrepor...
Income Tax : Understand why an income-tax penalty under Section 271(1)(c) is invalid if the charge isn't specified as concealment or inaccurate...
Income Tax : Learn how taxpayers can defer income tax penalty proceedings when quantum additions are under appeal. Understand legal grounds and...
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 : 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 ITAT held that penalty proceedings are invalid where the Assessing Officer does not specify whether the charge is concealment ...
Income Tax : The Tribunal held that omission of taxable foreign exchange gain in the return attracts penalty. It noted that disclosure during a...
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.
Explore why penalties should not be imposed on estimated income, supported by legal rulings and principles ensuring fair tax administration.
When an assessee voluntarily discloses income and the assessment is based on this disclosure without any changes, imposing a penalty under Section 271(1)(c) is unjustified.
Penalties under Section 271(1)(c) cannot be imposed based on estimated additions without concrete evidence of concealment or inaccurate particulars of income.
ITAT Mumbai removes penalty imposed on Sunil Bhagwandas Vorani (HUF) as addition was made on estimation basis, not due to concealment.
Delhi HC: No penalty for New Holland Tractors if assessee’s contention was plausible and bona fide, provided full disclosure of facts. Legal interpretations may vary.
Discover the implications of Income Tax Act Section 270A and penalties for under-reporting or misreporting income. Learn calculation methods and exceptions.
Read the detailed analysis of ITAT Ahmedabad’s order canceling penalty under section 271(1)(c) of the Income Tax Act. Co-owner status and lack of concealment discussed.
