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...
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.
xplore DCIT Vs Polyplex Corp. Limited case. Learn why penalty for disallowed tax claim isn’t justified. Details & key takeaways here.
Can penalty under Section 271(1)(c) be imposed if self-assessment tax was paid before notice u/s 148? Read the detailed analysis of Smt. Kavita Sachdev Vs ITO (ITAT Indore).
Tribunal ruled that mere disallowance of expenses or enhancement of returned income does not automatically warrant the imposition of penalties under Section 271(1)(c)
