Income Tax : The Tribunal ruled that non-specification of the precise statutory charge under sections 270A(2) and 270A(9) violated principles o...
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 : Explore amendments to section 253 of Income-tax Act, adjusting time limits for filing appeals to the Income Tax Appellate Tribunal...
Income Tax : The ITAT observed that mere remote access to customer-owned systems does not satisfy the disposal and permanence tests required fo...
Income Tax : The Delhi ITAT held that penalty proceedings under Section 270A are invalid when the Assessing Officer does not identify the preci...
Income Tax : The Tribunal ruled that the use of the word may in Section 271AAC gives discretionary power to the Assessing Officer and does not ...
Income Tax : The Tribunal held that mere disallowance of deduction claimed under Section 80GGC does not automatically amount to misreporting of...
Income Tax : The Tribunal held that once the income disclosed in the return filed under Section 148 was accepted without any addition, there co...
ITAT Ahmedabad held that disallowance of revenue expenditure treating it as capital merely on the basis of description of the expenditure without any substantive record is unsustainable.
Read about dismissal of an appeal by ITAT Mumbai in case of BLPL Singapore Pvt Ltd Vs DCIT. Sssessee’s appeal against penalty order under Section 270A for non-disclosure of interest income was dismissed.
ITAT Delhi in Jubilant Securities Pvt Ltd Vs DCIT case, highlighted the rule that disallowance under Section 14A cannot exceed exempt income
ITAT directs re-adjudication of penalty imposed under section 270A of the IT Act for misreporting of income without the application of mind.
ITAT Delhi held that in absence of a Permanent Establishment, provisions of section 44BB of the Income Tax Act has no application.
Addition made on the basis of estimation cannot provide foundation for under-reported income for the purpose of imposition of penalty u/s 270A
ITAT Delhi held that payment received in the nature of Business Profit cannot be brought to tax in India in absence of Permanent Establishment in India.
Pallava Textiles Private Limited Vs ITO (ITAT Chennai) In this case, the Assessing Officer has initiated penalty proceedings under section 270A of the Act for under-reported income. The Assessing Officer issued show-cause notice under section 274 r.w.s. 270A of the Act calling explanations from the assessee as to why penalty cannot be levied for under-reporting […]
Explore the provisions of Section 270AA, offering a strategic avenue for assessees to avoid penalties for under-reporting or mis-reporting of income. Learn about the conditions, application process, and the responsibility of the revenue to guide assesses through this insightful article.
Prem Brothers Infrastructure LLP Vs National Faceless Assessment Centre (Delhi High Court) This Court is of the opinion that the only addition in the assessment order framed is in respect of disallowance under section 14A of the Act. The Petitioner has made a disallowance of Rs.3,20,14,010/- which was recomputed by the Assessing Officer at Rs.6,82,45,759/-. […]
