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 : Discover the implications of Income Tax Act Section 270A and penalties for under-reporting or misreporting income. Learn calculati...
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 : Patna High Court held that there is no jurisdictional error since material/ documents based on which order of assessment has been ...
Income Tax : Kerala High Court rules serving draft assessment order not mandatory for 'ordinary assessees' under former Section 144B faceless t...
Income Tax : ITAT Pune held that delay in filing of an appeal before CIT(A) condoned due to company’s financial position and non-pursuing of ...
Income Tax : ITAT Surat confirms ₹4.10 Cr addition u/s 69 for unexplained investment, upholds authority to dismiss cases for non-compliance....
Income Tax : ITAT Ahmedabad sets aside CIT(A) order, emphasizing that genuine explanations for delays in filing appeals for high-value tax disp...
Gujarat High Court held that initiation of revisionary proceeding under section 263 of the Income Tax Act post complete extinguishment of all tax liabilities of Corporate Debtor upon approval of resolution plan is not tenable in law. Thus, notice u/s. 263 quashed.
ITAT Bangalore held the imposition of penalty under section 270A of the Income Tax Act is not sustainable since charge of under reporting or mis-reporting not clarified. Thus, penalty cannot be imposed in a light hearted manner or in routine manner.
Understand penalties for under-reporting or misreporting income under Section 270A of the Income Tax Act. Fines range from 50% to 200% of tax due.
ITAT Pune held that non-inclusion of disallowance u/s. 43B while filing income tax return is bona fide and inadvertent error. Accordingly, imposition of penalty under section 270A for bona fide mistake without intent to evade payment of tax is not justifiable.
ITAT Pune rules AO failed to justify penalty under Section 270A, citing lack of clear misreporting by assessee for AYs 2017–18 and 2018–19.
Gujarat High Court examines the procedure for faceless income tax assessment and the assessee’s right to a personal hearing via video conference under Section 144B.
ITAT Pune sets aside penalty on Kishor Patil under Section 270A, citing lack of clarity in notice and non-specification of misreporting conditions.
ITAT Mumbai cancels Section 271(1)(c) penalties on Lyka Labs Ltd for AYs 2010-11, 2011-12 & 2014-15 due to procedural defect in the penalty notices.
ITAT Pune cancels Section 270A penalty against Kasat Prakash M (HUF) due to non-specification of legal grounds in AO’s notice under the Income Tax Act.
ITAT Pune cancels penalties under Section 270A due to procedural lapses in AO’s notices, citing failure to specify relevant clauses of misreporting.
