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 : 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 ...
Income Tax : The case examined whether disallowance under section 94(7) should be limited to exempt dividend. The Tribunal held that the provis...
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.
ITAT Pune removes Section 270A penalties due to defect in penalty notice lacking reference to specific misreporting clause. Appeals allowed for two assessment years.
ITAT Pune deletes Section 270A penalty on salaried assessee due to lack of specific clause in penalty notice and reliance on tax consultant’s actions.
ITAT Ahmedabad ruled against penalty under 270A for misreporting income, citing correct filing and tax payment after notice. Case details.
ITAT Pune remands penalty case, citing pending quantum appeal before CIT(A). Decision on under-reporting penalty deferred.
ITAT Pune held that penalty under section 270A is not leviable since neither the assessment order nor the notice issued u/sec.274 r.w.s.270A the Assessing Officer has specified the limb under which the case of the assessee falls.
ITAT Delhi held that interest and penalty due to default in payment of license fee is merely compensatory in nature and hence the same is revenue expenditure. Accordingly, PCIT classifying them to be capital expenditure is not sustainable.
