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 ...
ITAT Ahmedabad held that as all the particulars duly furnished by the assessee relating to source of investment, mere rejection of the claim of the assessee cannot invite levy of penalty under section 271(1)(c) of the Income Tax Act. Accordingly, penalty deleted.
Jharkhand High Court held that when search is initiated, penalty is leviable under section 271AAB of the Income Tax Act. Accordingly, initiation of penalty proceedings u/s 271(1)(c) post initiation of search is unsustainable.
ITAT Delhi held that penalty under section 271(1)(c) of the Income Tax Act cannot be imposed on the basis of legal fiction of section 50C of the Income Tax Act.
ITAT Chandigarh held that claiming of wrong depreciation on the advice of auditor is bona fide claim and hence penalty under section 271(1)(c) of the Income Tax Act not leviable.
Defect in statutory notice in not striking out of irrelevant ground vitiates penalty proceedings for the reason that assessee has not given sufficient notice for preparing his defense, as to grounds on which penalty proceedings have been initiated.
Galaxy Construction and Contractors Pvt. Ltd. Vs DCIT (ITAT Pune) The issue in the present appeal relates to levy of penalty under the provisions of section 271(1)(c) of the Act. The penalty was levied by the Assessing Officer in respect of addition made under the provisions of section 36(1)(iii) of the Act. It is an […]
ITAT Delhi held that merely making a claim which is not sustainable in law will not amount to furnishing inaccurate particulars entailing levy of penalty under section 271(1)(c) of the Income Tax Act automatically.
ITAT Mumbai held that penalty under section 271-1-c of the Income Tax Act not imposable when the addition on account of bogus purchases is done on adhoc estimated basis As adhoc estimated based addition doesn’t tantamount to furnishing of inaccurate particulars of income.
ITAT Delhi held that as no adjustment on transfer pricing issue would subsist and therefore there is no question of penalty u/s. 271(1)(c) of the Income Tax Act on such addition.
Victory for Sanjay Duggal as ITAT Delhi quashes assessments under 153A, nullifying penalties. Learn why the penalty orders couldn’t survive. Decided in favor of the assessee.
