Income Tax : Discover the implications of Income Tax Act Section 270A and penalties for under-reporting or misreporting income. Learn calculati...
Income Tax : Learn about the penalties and prosecutions under the Income Tax Act of 1961 for various defaults and offenses. Find out the fines ...
Income Tax : Apart from penalty for various defaults, the Income-tax Act also contains provisions for launching prosecution proceedings against...
Income Tax : Apart from levy of penalty for various defaults by the taxpayer, the Income-tax Law also contains provisions for launching prosecu...
Income Tax : Arjuna, while playing on the Football Ground if, a player pushes other players or creates any obstruction then the referee whistle...
Income Tax : Delhi HC: No penalty for New Holland Tractors if assessee's contention was plausible and bona fide, provided full disclosure of fa...
Income Tax : Read the detailed analysis of ITAT Ahmedabad's order canceling penalty under section 271(1)(c) of the Income Tax Act. Co-owner sta...
Income Tax : xplore DCIT Vs Polyplex Corp. Limited case. Learn why penalty for disallowed tax claim isn't justified. Details & key takeaways he...
Income Tax : Can penalty under Section 271(1)(c) be imposed if self-assessment tax was paid before notice u/s 148? Read the detailed analysis o...
Income Tax : Tribunal ruled that mere disallowance of expenses or enhancement of returned income does not automatically warrant the imposition ...
Non-specification of limb of the notice would render section 271(1)(c) penalty proceedings invalid. ITAT held that notice u/s 271(1)(c) is omnibus notice, thus defective which goes to the root of the matter. Accordingly the appeal of the assessee stands allowed.
ITAT Delhi held that penalty u/s 271(1)(c) of the Income Tax Act alleging inaccurate particulars not leviable as assessee was subjected to tax on book profits u/s 115JB.
ITAT Mumbai deleted penalty under section 271(1)(c) of the Income Tax Act as penalty order was issued without striking off the irrelevant limb/ inapplicable words.
Pankajkumar Babulal Tiwari Vs ACIT (ITAT Amhadabad) Asessee under the bona fide belief not offered income on receipt from LIC in original return however rectified the same while filing the return under section 148 of the Act. The assessee also paid due tax on such receipt even before issuance of notice under section 148 of […]
ITAT Mumbai held that initiation of penalty proceedings under section 271(1)(c) of the Income Tax Act without informing the charges framed for initiation of the same via statutory notice renders the entire proceeding inacceptable.
ITAT Ahmedabad held that penalty under section 271(1)(c) of the Income Tax Act not leviable on account of human error committed by the accountant as the same is not willful attempt to conceal income.
ITAT Delhi held that issuance of notice under section 274 r.w.s. 271(1)(c) of the Income Tax Act without specifying the particular limb under which the penalty proceedings have been initiated concludes that the notice is issued in a stereotyped manner without applying mind and accordingly imposition of penalty is bad in law.
ITAT Jaipur held that disallowance of expenses per se cannot mean that the assessee has furnished incorrect particulars of income. Accordingly, penalty under section 271(1)(c) of the Income Tax Act not leviable.
ITAT Hyderabad held that penalty under section 271(1)(c) of Income tax Act cannot be cancelled merely because of non-specification of limb i.e., for concealment of income or furnishing inaccurate particular of income under which penalty is levied.
ITAT held that penalty u/s. 271(1)(c) on Bogus purchase addition cannot be levied where addition was made on estimated basis.
