Income Tax : Section 270AA of the Income Tax Act offers immunity from penalty and prosecution for under-reported income if taxpayers accept ass...
Income Tax : Understand the consequences of an adverse income tax order, including high tax rates, penalties, interest, and steps to appeal or ...
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 : Learn about penalty provisions under the IT Act, including penalties for defaults in tax payment, income reporting, and more. Key ...
Finance : Learn about Section 270A introduced in Finance Act 2016, effective from April 1, 2017, outlining penalties for under-reporting and...
Income Tax : Explore amendments to section 253 of Income-tax Act, adjusting time limits for filing appeals to the Income Tax Appellate Tribunal...
Income Tax : Delhi High Court held that prior approval u/s. 151 for issuance of notice under section 148 of the Income Tax Act beyond period of...
Income Tax : The fact that the AO had in fact did not claim any carry forward of loss in the next assessment year would not be destructive of t...
Income Tax : Gujarat High Court rules tax recovery notices invalid for V.S. Texmills after NCLT approved resolution plan, reinforcing IBC's bin...
Income Tax : Delhi ITAT rules business expenses with genuine payments and TDS cannot be disallowed solely for payees' lack of GST registration....
Income Tax : The petitioner is essentially aggrieved by the denial of the benefit of paying tax at lower rate in terms of Section 115BAA of the...
Delhi High Court held that prior approval u/s. 151 for issuance of notice under section 148 of the Income Tax Act beyond period of three years mandatory even in case of extended limitation under TOLA. Accordingly, notice and order thereon set aside.
The fact that the AO had in fact did not claim any carry forward of loss in the next assessment year would not be destructive of the petitioner’s right to exercise its option in terms of Rule 9(1) of the DTVSV Rules. Hence, the present petition is allowed.
Gujarat High Court rules tax recovery notices invalid for V.S. Texmills after NCLT approved resolution plan, reinforcing IBC’s binding effect on pre-existing claims.
Delhi ITAT rules business expenses with genuine payments and TDS cannot be disallowed solely for payees’ lack of GST registration.
The petitioner is essentially aggrieved by the denial of the benefit of paying tax at lower rate in terms of Section 115BAA of the Act, which was introduced by the virtue of Taxation Laws (Amendment) Act, 2019 with effect from 01.04.2020.
Madras High Court stays penalty orders under Sections 270A and 271AAC against Aadhitya Property Developers, pending a decision on the assessee’s belated appeal against the core assessment order.
ITAT Delhi held that disallowance of expenditure on adhoc basis without contrary material and without rejection of books of accounts not justifiable. Accordingly, disallowance made in the impugned order deleted.
ITAT Mumbai held that as per section 70(2) the short-term capital loss can be set off against gain from any other capital asset. Thus, set off of short-term capital loss (on which STT was paid) against the short-term capital gains (on which STT was not paid) is allowed.
ITAT Jaipur held that expenditure towards supply of food packets for employees which was subjected to GST shall not be considered as contract and hence provisions of section 194C shall not apply.
Section 270AA of the Income Tax Act offers immunity from penalty and prosecution for under-reported income if taxpayers accept assessment, pay tax and interest, and do not file an appeal.
