Income Tax : Discover the implications of Income Tax Act Section 270A and penalties for under-reporting or misreporting income. Learn calculati...
CA, CS, CMA : Discover the complexities of tax compliance for freelancers and gig workers, from understanding income sources to navigating legal...
Income Tax : Learn how to avoid penalties under Section 270A of the Income Tax Act through understanding its provisions and utilizing Section 2...
Income Tax : Explore the consequences of making incorrect income tax refund claims and the associated legal ramifications. Understand the penal...
Income Tax : Explore the provisions of Section 270AA, offering a strategic avenue for assessees to avoid penalties for under-reporting or mis-r...
Income Tax : Read the detailed analysis of ITAT Delhi's decision in Rhine Energy LLP vs Assessment Unit, allowing expenses on Buffet Dinner, Li...
Income Tax : Read the full text of the Delhi ITAT order on Denso (Thailand) vs ACIT, discussing tax liability for technical services under Indi...
Income Tax : Understand the implications of the Parulben Vijaykumar Patel vs ITO case from ITAT Ahmedabad. Detailed analysis and conclusion pro...
Income Tax : Discover the ITAT Bangalore ruling on IBM Canada Limited vs. DCIT, where salary reimbursements of seconded employees were deemed n...
Income Tax : Assessee was a commercial bank having its head office in France and had 8 branches in India. Assessee was involved in normal banki...
Prem Brothers Infrastructure LLP Vs National Faceless Assessment Centre (Delhi High Court) This Court is of the opinion that the only addition in the assessment order framed is in respect of disallowance under section 14A of the Act. The Petitioner has made a disallowance of Rs.3,20,14,010/- which was recomputed by the Assessing Officer at Rs.6,82,45,759/-. […]
The provisions of transfer pricing are designed to keep a check on the practice of reducing the tax liability by entering into transactions at prices higher/lower than market prices with one or more associated entity.
Nirman Overseas Private Limited Vs National Faceless Assessment Centre Delhi (Delhi High Court) AO issued the impugned order dated 16th March, 2022 denying the immunity from penalty and prosecuting the Petitioner on the ground that since no order under Section 270AA had been passed by the jurisdictional Assessing Officer within the statutory timeline, it may […]
Ultimate Infratech Private Limited Vs National Faceless Assessment Centre Delhi & Anr. (Delhi High Court) 1. Only in cases where proceedings for levy of penalty have been initiated on account of alleged misreporting of income that an assessee is prohibited from applying and availing the benefit of immunity from penalty and prosecution under Section 270AA. […]
Schneider Electric South East Asia (HQ) PTE Ltd Vs ACIT (Delhi High Court) Mere mention of ‘misreporting’ for denying immunity from penalty, manifestly arbitrary; Notice without ‘specific limb’, unreasonable Delhi High Court allows Schneider Electric’s writ petition, quashes order rejecting immunity under Section 270AA(4) and directs Revenue to grant immunity from penalty under Section 270A; […]
Finance Act, 2016 inserts, with effect from 1-4-2017, a new section 270AA in the Act empowering an Assessing Officer to grant immunity from imposition of penalty under section 270A of the Act as well as initiation of prosecution proceedings under section 276C and section 276CC of the Act on certain terms and conditions. Section 270AA of the Act reads as under: [Immunity from imposition of penalty, etc. 270AA. (1) An assessee may […]
New penalty law was inserted vide section 270A under the Income Tax Act, 1961 (‘the Act’) which is based on under-reporting and misreporting of income, replacing the erstwhile basis of concealment or furnishing of inaccurate particulars of income.
On filling income tax return, one of the crucial part is to fill the TDS claim during the relevant financial year which should be match with TDS Credit reflects in Form 26AS. On non-matching of TDS claimed with TDS credit reflected in Form 26AS, demand will be raised by IT department on processing of return under section 143(1) of Income Tax Act. Further, interest under section 234B & C is also added up in the aforesaid demand.
Section 270A is a new penalty provision which was introduced by endorsing the philosophy that in order to bring objectivity, certainty and clarity into the penalty provisions, it is repealed by an altogether a new penal provision. The issue as to existence of (i) concealment of income or (ii) furnishing inaccurate particulars of income has always been a matter of litigation owing to different interpretations under different circumstances.
Understand the penalties imposable in income tax search cases. Learn about the different types of penalties and their implications for tax compliance.
