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 : ITAT Delhi cancels penalties against G.D. Goenka Pvt. Ltd. ruling that underlying assessments were invalid due to defective Sect...
Income Tax : ITAT Ahmedabad sets aside CIT(A) order, sending back case of Tosifbhai Tajdin Halani to AO for fresh assessment on unexplained cas...
Income Tax : ITAT Delhi held GoDaddy's income from domain registration, hosting, and other services not taxable as royalty or FTS under the Inc...
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...
Bombay High Court held that order passed without granting an opportunity of being heard is passed against the principles of natural justice and accordingly, is liable to be quashed. Thus, petition is allowed and orders are quashed.
Delhi High Court held that Section 260A of the Income Tax Act refrains from incorporating a specific provision permitting the filing of a cross-objection. Thus, cross objection would not be maintainable.
ITAT Ahmedabad held that penalty u/s.271AA of the Income Tax Act cannot be levied without specifying the required documents failed to be maintained/furnished by the assessee. Thus, appeal of the revenue dismissed.
ITAT Cochin sends penalty case back to AO as CIT(A) failed to address immunity plea for late Form 28 filing.
ITAT Cochin remanded the case of Malanadu Co-op Bank on penalty immunity under Section 270A, directing AO to review the application on merits.
ITAT Chennai rules that debatable tax claims made in good faith do not warrant penalties under Section 270A of the Income Tax Act. Read the case details.
ITAT Bangalore held that that mens rea is not an essential condition for imposing penalties under civil acts. Penalty u/s. 270A of the Income Tax Act nowhere specifically refers necessity of presence of mens rea for levy of penalty. Accordingly, appeal of revenue allowed.
ITAT Hyderabad held that resorting to estimation of profit in case of best judgement assessment without rejection of books of accounts is unjustifiable. Accordingly, matter set aside to the file of the lower authorities for reconsideration of the issue.
Bombay High Court quashes penalty on VRML Constructions Pvt Ltd, citing technical glitches in ITBA records. Fresh proceedings may be initiated post-appeal disposal.
ITAT Jaipur rules assessment valid despite no penalty initiation in Mikuni India case. Tribunal cites precedents, highlights separation of assessment and penalty proceedings.
