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Section 270A

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Section 270AA: Guide to Immunity from Penalty & Prosecution

Income Tax : Section 270AA of the Income Tax Act offers immunity from penalty and prosecution for under-reported income if taxpayers accept ass...

May 23, 2025 1116 Views 1 comment Print

Adverse Income Tax Orders: Implications and Penalties

Income Tax : Understand the consequences of an adverse income tax order, including high tax rates, penalties, interest, and steps to appeal or ...

May 4, 2025 2169 Views 0 comment Print

Section 270A Penalty For Concealment of Income under Income Tax Act 1961

Income Tax : Understand penalties for under-reporting or misreporting income under Section 270A of the Income Tax Act. Fines range from 50% to ...

April 19, 2025 5505 Views 0 comment Print

FAQs on Penalty provisions under Income Tax Act, 1961

Income Tax : Learn about penalty provisions under the IT Act, including penalties for defaults in tax payment, income reporting, and more. Key ...

August 24, 2024 3225 Views 0 comment Print

Section 270A: Penalty for under-reporting and misreporting of income

Finance : Learn about Section 270A introduced in Finance Act 2016, effective from April 1, 2017, outlining penalties for under-reporting and...

August 12, 2024 5031 Views 0 comment Print


Latest News


Budget 2024: Time-limit for filing appeals to Income Tax Appellate Tribunal

Income Tax : Explore amendments to section 253 of Income-tax Act, adjusting time limits for filing appeals to the Income Tax Appellate Tribunal...

July 23, 2024 4023 Views 0 comment Print


Latest Judiciary


Prior Approval U/S 151 Mandatory for Notices U/S 148 Issued Beyond 3 Years, Even Under Extended TOLA Timelines

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...

June 19, 2025 306 Views 0 comment Print

Denial of DTVSV Benefits for Loss Carry Forward Based on Later Return Erroneous: Delhi HC

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...

June 19, 2025 57 Views 0 comment Print

Gujarat HC Quashes Income Tax Demand Not Included in IBC Resolution Plan

Income Tax : Gujarat High Court rules tax recovery notices invalid for V.S. Texmills after NCLT approved resolution plan, reinforcing IBC's bin...

June 18, 2025 144 Views 0 comment Print

Mere Lack of GST registration of payees insufficient to disallow business expenses

Income Tax : Delhi ITAT rules business expenses with genuine payments and TDS cannot be disallowed solely for payees' lack of GST registration....

June 14, 2025 2823 Views 0 comment Print

Delay in filing Form 10-IC not condoned as option of lower taxation u/s. 115BAA not selected in return

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...

June 13, 2025 324 Views 0 comment Print


Latest Posts in Section 270A

Prior Approval U/S 151 Mandatory for Notices U/S 148 Issued Beyond 3 Years, Even Under Extended TOLA Timelines

June 19, 2025 306 Views 0 comment Print

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.

Denial of DTVSV Benefits for Loss Carry Forward Based on Later Return Erroneous: Delhi HC

June 19, 2025 57 Views 0 comment Print

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 HC Quashes Income Tax Demand Not Included in IBC Resolution Plan

June 18, 2025 144 Views 0 comment Print

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.

Mere Lack of GST registration of payees insufficient to disallow business expenses

June 14, 2025 2823 Views 0 comment Print

Delhi ITAT rules business expenses with genuine payments and TDS cannot be disallowed solely for payees’ lack of GST registration.

Delay in filing Form 10-IC not condoned as option of lower taxation u/s. 115BAA not selected in return

June 13, 2025 324 Views 0 comment Print

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 HC Stays Income Tax Penalty till disposal of Assessment Appeal

June 9, 2025 273 Views 0 comment Print

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.

Adhoc disallowance of expense without contrary material not justifiable: ITAT Delhi

June 4, 2025 186 Views 0 comment Print

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.

STCL on which STT paid can be set off against STCG on which STT not paid

June 4, 2025 609 Views 0 comment Print

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.

Disallowance u/s. 40(a)(ia) set aside as TDS not deductible on supply of foods packets: ITAT Jaipur

May 30, 2025 573 Views 0 comment Print

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: Guide to Immunity from Penalty & Prosecution

May 23, 2025 1116 Views 1 comment Print

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.

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