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...
Claim of the assessee for deduction for education cess was on a bonafide belief that it was allowable expenditure u/s. 37(1) and hence, the same was not a case for initiation of penalty proceedings u/s. 270A.
ITAT Ahmedabad held that where Commissioner (Appeals) passed ex-parte order in violation of principles of natural justice, one more opportunity should be granted to assessee. Accordingly, matter restored back to CIT(A) for de-novo consideration.
The TPO, however, was not satisfied with the process of computation of PLI made by the Assessee. Accordingly, the TPO has treated the expenses incurred by the foreign AE as part of the operating expenses.
In the matter above-mentioned ITAT partly allowed the appeal filed by the assessee by remanded it back to file of TPO after considering that assessee didnot submit proper documents before lower authorities.
Kerala High Court held that issuance of notice for imposition of penalty under section 271B for failure to furnish audit report after more than four years of completion of assessment is barred by limitation as per section 275(1)(c) of the Income Tax Act.
Petitioner No.1 is a society registered under the Societies Registration Act of 1860 and the Bombay Public Trusts Act of 1950. It has more than 3800 members comprising of Advocates, Chartered Accountants, and tax practitioners.
ITAT Mumbai held that CIT(A) rightly deleted addition towards bogus purchases since assessee proved genuineness of purchases by submitting various details/ documents. Accordingly, appeal of the revenue dismissed.
ITAT Chennai held that revisionary proceedings under section 263 of the Income Tax Act for invoking penalty provisions u/s. 270A(9)(e) without issue of intimation under section 143(1)(a) of the Income Tax Act is unjustifiable and untenable in law.
ITAT Jodhpur held that if the books of accounts are rejected, and net profit is estimated by application of net profit rate, there cannot be again addition on account of any disallowance based on the same set of books of accounts. Thus, addition u/s. 40(a)(ia) set aside.
Read the full text of the ITAT Bangalore order in the DACSS Granites Pvt. Ltd. case. The tribunal rules that immunity under Section 270AA(2) cannot be denied due to a belated Form-68 application.
