Income Tax : Budget 2026 proposes allowing taxpayers to file an updated return even after receiving a reassessment notice under Section 148. Wh...
Income Tax : Misreporting under Section 270A(9) applies only to six specific circumstances. Where the assessment order does not clearly establi...
Income Tax : The law now proposes a single consolidated assessment-cum-penalty order for under-reporting of income, reducing multiple proceedin...
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 : Explore amendments to section 253 of Income-tax Act, adjusting time limits for filing appeals to the Income Tax Appellate Tribunal...
Income Tax : ITAT Mumbai deletes penalty under Section 270A as quantum addition was fully removed. Held that no under-reporting exists when ass...
Income Tax : The tribunal examined whether duty drawback should be taxed on accrual or actual receipt. It held that as per law, duty drawback i...
Income Tax : ITAT held that interest earned on bank deposits is taxable and not covered by the principle of mutuality. The ruling confirms that...
Income Tax : The Tribunal restored the penalty matter as the quantum addition was sent back to the AO. It held that penalty must follow the out...
Income Tax : The issue was penalty for misreporting on sale of land classified as capital asset. The Tribunal held the issue was debatable and ...
ITAT Mumbai held that depreciation on the business/commercial rights arising from the manufacturing contracts, supply contracts and maintenance contracts as claimed by the assessee is allowable. Accordingly, appeal allowed.
ITAT Pune rules penalty cannot be levied under Section 270A if assessee, unaware of consultant’s fraud, paid tax before Section 148 notice, demonstrating good faith.
ITAT Ahmedabad allows a co-operative society to deduct interest earned from co-operative bank deposits under Section 80P, clarifying its distinction from other bank types.
The ITAT Ahmedabad deleted a ₹10.61 lakh penalty against Snehalkumar Bhogilal Trivedi, ruling that a notice citing both under-reporting and misreporting of income was void due to ambiguity.
The ITAT Chennai has canceled a penalty against Anna University’s Institute for Ocean Management after the underlying tax addition was deleted by the CIT(A).
Ahmedabad ITAT deletes a penalty under Section 270A for a deduction on education cess. The court ruled the claim was bona fide and not a case of misreporting.
Kerala High Court held that dismissal of stay petition on the ground of failure to comply with a non-existing condition precedent is perverse and requires interference. Accordingly, writ admitted and order set aside.
ITAT Jaipur held that merely the claim of the assessee was not entertained it cannot be a reason automatically to levy the penalty for misreporting or under reporting of the income. Accordingly, levy of penalty under section 270A of the Income Tax Act set aside.
While computing arm’s length price (ALP), it is required both the tested party and the comparable should have similar financial year endings for proper analysis of the functions performed, assets employed and risks assumed.
Ahmedabad ITAT rules cooperative society income is 100% tax-exempt if S.80P deduction is allowed, making disallowances irrelevant to final tax liability.
