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...
Assessee must be informed of grounds of penalty proceedings through statutory notice and an omnibus notice suffers from vice of vagueness
Since the quantum addition stands deleted by the ITAT in the above order, there remains no basis for levy of penalty under section 271(1)(c)
If initiation of penalty is one limb & levy of penalty is on other limb, then in absence of proper SCN, there is no merit in levy of penalty
If sales are not disputed, entire alleged bogus purchases cannot be disallowed and only the gross profit on the alleged purchases to be disallowed. No penalty under section 271(1)(c) is leviable on estimated additions.
ITAT held that if a Penalty notice is vague then penalty proceedings initiated under section 271(1)(c) on that basis were vitiate
Manjulata Sahoo Vs PCIT (ITAT Cuttack) It was the submission that against the order of the Tribunal, the assessee has filed appeal before the Hon’ble Jurisdictional High court of Orissa and the Hon’ble Jurisdictional High Court of Orissa was pleased to admit the appeal of the assessee in ITA No.8 of 2021 vide order dated […]
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 […]
