TaxGuru Newsletter Subscription
Information You Can Rely On.
Income Tax - Penalties and Prosecutions Default in complying with provisions of or with conditions prescribed under the Income-tax Act would attract certain penalty and in critical cases prosecutions as well. The document will provide you information about the punishable offences, prosecutions and the quantum of penalties that can be imposed under the...
Read MoreIncome Tax - In the Article on Penalties Under the Income-tax Act, we discussed various penalties imposable under the Income-tax Act in respect of various defaults. Apart from enacting penalty provisions, the Income-tax Act also designed provisions empowering the Principal Commissioner of Income-tax or Commissioner of Income-tax to grant relief from p...
Read MoreIncome Tax - The provisions of transfer pricing are designed to keep a check on the practice of reducing the tax liability by entering into transactions at prices higher or lower than market prices with one or more associated entity...
Read MoreIncome Tax - Under the Income-tax Act, penalties are levied for various defaults committed by the taxpayer. Some of the penalties are mandatory and a few are at the discretion of the tax authorities. In this part, you can gain knowledge about the provisions relating to various penalties leviable under the Income-tax Act....
Read MoreIncome Tax - In Addition to penalty for various defaults, the Income-tax Act,1961 also contains provisions for launching prosecution proceedings against the taxpayers for various offences. This Article explains about the various provisions relating to prosecution which can be launched under the Income-tax Act,...
Read MoreIncome Tax - The Committee recommends that the scope of Section 273B should be suitably enlarged to provide that penalty for concealment of income or furnishing inaccurate particulars thereof will not be imposed where any addition or disallowance is made without any evidence or in a routine manner or on estimate and in cases where the Assessing Office...
Read MoreJRK Auto Parts (P) Ltd. Vs ACIT (ITAT Delhi) - In this Question arose for consideration was whether penalty under section 271(1)(c) of Income Tax Act, 1961 could be levied in respect of an addition not having been made in quantum/assessment proceedings and it was held that Imposition of penalty proceedings under section 271(1)(c) is strictly cir...
Read MoreIndermal Manaji Vs. The Commissioner of Income Tax (Bombay High Court) - S. 271(1)(c): If the basis on which penalty is initiated by the AO and the basis on which the quantum is confirmed on merits by the Tribunal are different, penalty cannot be levied ...
Read MorePr. CIT Vs. M/S Hariom Steels (P) Ltd. (Allahabad High Court) - Hon'ble Allahabad High Court has in the case of Hariom Steels Pvt Ltd has held that penalty cannot be levied when deeming provisions are applied for assessing income....
Read MoreM/s Subhash Chander Sewa Vs Income Tax Officer (ITAT Amritsar) - Admittedly there is a mistake committed by the assessee in not adding interest on the refund to his sources of income. There is no disputing the fact that the tax payer duly and diligently must necessarily in its return of income disclose all avenues of his income. The assessee in its defence has co...
Read MoreCommissioner of Income Tax-Vododara-2 Vs ORG Informatics Limited (Gujarat High Court at Ahmedabad) - The Department further initiated penalty proceedings against the assessee under section 271(1)(c) of the Income Tax Act on ground that the assessee failed to offer explanation for making such a claim. It was noted that once the claim was rejected the onus was on the assessee to dislodge the revertib...
Read More
JRK Auto Parts (P) Ltd. Vs ACIT (ITAT Delhi) -
Indermal Manaji Vs. The Commissioner of Income Tax (Bombay High Court) -
Pr. CIT Vs. M/S Hariom Steels (P) Ltd. (Allahabad High Court) -
M/s Subhash Chander Sewa Vs Income Tax Officer (ITAT Amritsar) -
Commissioner of Income Tax-Vododara-2 Vs ORG Informatics Limited (Gujarat High Court at Ahmedabad) -
DDIT Vs M/s. Metapath Software International Ltd, (ITAT Delhi) -
Kalwa Bhasker, Vs ACIT (ITAT Hyderabad) -
Jehangir HC Jehangir Vs ACIT (ITAT Mumbai) -
Meherjee Cassinath Holdings Private Limited Vs ACIT (ITAT Mumbai) -
