Income Tax : The Tribunal held that penalty under section 271(1)(c) cannot be imposed when errors are voluntarily corrected during assessment. ...
Income Tax : A summary of key penalties under the Income Tax Act for AY 2026-27, covering defaults from late filing and non-payment to misrepor...
Income Tax : ITAT Delhi held penalty u/s 271(1)(c) unsustainable as 54F exemption failed due to builder delay, not taxpayer’s fault. Full dis...
Income Tax : Understand why an income-tax penalty under Section 271(1)(c) is invalid if the charge isn't specified as concealment or inaccurate...
Income Tax : Learn how taxpayers can defer income tax penalty proceedings when quantum additions are under appeal. Understand legal grounds and...
Income Tax : The Committee recommends that the scope of Section 273B should be suitably enlarged to provide that penalty for concealment of inc...
Income Tax : SC examined nature of amounts received from an AOP and upheld findings that receipts constituted profit share rather than revenue ...
Income Tax : ITAT Delhi ruled that where an assessee disputes the stamp duty valuation under Section 50C, the Assessing Officer should refer th...
Income Tax : ITAT Mumbai held that amortization of BOT road project expenditure must be computed based on the actual concession period and not ...
Income Tax : The Chennai ITAT held that deductions approved by DSIR under Section 35(2AB) cannot be disallowed merely on the basis of survey st...
Income Tax : The Bombay High Court held that the search authorisation under Section 132 was invalid because the satisfaction note lacked releva...
Income Tax : Section 270AA of the Income-tax Act, 1961 (the Act) inter alia provides that w.e.f. 1 st April, 2017, the Assessing Officer, on an...
SC examined nature of amounts received from an AOP and upheld findings that receipts constituted profit share rather than revenue share. Court noted that such income could not be taxed again in member’s hands.
ITAT Delhi ruled that where an assessee disputes the stamp duty valuation under Section 50C, the Assessing Officer should refer the matter to the Valuation Officer. The Tribunal set aside the capital gains addition for fresh determination.
ITAT Mumbai held that amortization of BOT road project expenditure must be computed based on the actual concession period and not on an unimplemented extension proposal. The Tribunal directed recomputation after recognizing termination of the agreement before 2024.
The Chennai ITAT held that deductions approved by DSIR under Section 35(2AB) cannot be disallowed merely on the basis of survey statements or AO findings. The Tribunal ruled that the AO and DRP exceeded their jurisdiction by questioning deductions already certified in Form 3CL.
The Bombay High Court held that the search authorisation under Section 132 was invalid because the satisfaction note lacked relevant material and failed to establish a genuine reason to believe. The Court quashed the search and all consequential proceedings.
The Kolkata ITAT held that penalty under Section 271(1)(c) cannot be levied where income addition is based on peak credit estimation. The Tribunal ruled that estimated additions do not automatically prove concealment or inaccurate particulars.
The Kolkata ITAT held that a commercial loan repaid within the same financial year along with interest and TDS compliance could not be treated as a bogus accommodation entry under Section 68. The Tribunal ruled that documentary evidence and banking transactions established the genuineness of the loan.
ITAT Delhi held that penalty proceedings under Section 271(1)(c) should not be decided before disposal of the related quantum appeal. The matter was restored to the CIT(A) for fresh adjudication.
The Tribunal held that two sale deeds represented the same transaction because one was merely an amendment correcting a survey number error. It directed deletion of the duplicate addition made by the Assessing Officer.
Assessee argued that conclusions drawn from a 2005 survey on liaison offices could not be applied mechanically to later branch office structure. ITAT directed fresh examination of branch office’s actual functions and activities.
