Income Tax : Detailed overview of penalties under various sections of the Income Tax Act, covering defaults in tax payment, reporting, document...
Income Tax : Section 270A penalties must specify the exact misreporting clause. Vague notices invalidate penalties and can restore immunity und...
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 : Explore amendments to section 253 of Income-tax Act, adjusting time limits for filing appeals to the Income Tax Appellate Tribunal...
Income Tax : ITAT held that refusal to admit evidence due to factory sealing and death of the assessee was unjustified and ordered fresh assess...
Income Tax : Where income admitted in section 153C proceedings is accepted in assessment, penalty still requires strict compliance with section...
Income Tax : ITAT Mumbai held that section 70 of the Income Tax Act allows first setting off the short term capital loss against the non STT ga...
Income Tax : The Tribunal held that an assessment under section 153C cannot go beyond the material specified in the satisfaction note. Since ad...
Income Tax : The Tribunal ruled that advisory and consultancy services could not be taxed as Fees for Included Services because no technical kn...
Bombay High Court reviews Shell India’s challenge to the 2016-17 assessment order under Section 144C. Dispute involved Relaxation Act applicability.
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.
