Follow Us :

section 271(1)(c)

Latest Articles


Penalties and Prosecutions Under Income tax Act, 1961

Income Tax : Learn about the penalties and prosecutions under the Income Tax Act of 1961 for various defaults and offenses. Find out the fines ...

July 25, 2023 469092 Views 4 comments Print

Prosecutions and Punishment under Income Tax Act, 1961

Income Tax : Apart from penalty for various defaults, the Income-tax Act also contains provisions for launching prosecution proceedings against...

June 11, 2022 46107 Views 7 comments Print

Income Tax Offences liable to prosecution

Income Tax : Apart from levy of penalty for various defaults by the taxpayer, the Income-tax Law also contains provisions for launching prosecu...

June 8, 2022 56633 Views 4 comments Print

Power of Commissioner to Reduce or Waive Income Tax Penalty

Income Tax : In the tutorial on Penalties Under the Income-tax Act, we discussed various penalties imposable under the Income-tax Act in respec...

June 8, 2022 61516 Views 2 comments Print

Penalties under Income-Tax Act, 1961

Income Tax : Under the Income-tax Act, penalties are levied for various defaults committed by the taxpayer. Some of the penalties are mandatory...

June 8, 2022 108508 Views 2 comments Print


Latest News


Easwar Committee Recommends Non-Levy Of Penalty in certain circumstances

Income Tax : The Committee recommends that the scope of Section 273B should be suitably enlarged to provide that penalty for concealment of inc...

January 21, 2016 796 Views 0 comment Print


Latest Posts in section 271(1)(c)

Allowability of Out of Court Settlement & Legal Expenses: ITAT Directs Re-adjudication

March 28, 2024 177 Views 0 comment Print

AC Chokshi Share Brokers Pvt Ltd appeals against disallowed legal expenses for out-of-court settlement & defense. ITAT Mumbai orders readjudication. Details here.

Notional interest for delay in realization of export proceeds from AEs unwarranted: ITAT Mumbai

March 26, 2024 168 Views 0 comment Print

ITAT Mumbai held that as there is complete uniformity in not charging interest from AEs and Non-AEs for delay in realization of export proceeds, addition of notional interest in respect of transactions with AEs in the course of transfer pricing proceedings unwarranted.

Mere Allowable Deductions Variance is not Inaccurate furnishing of Income Particulars

March 24, 2024 300 Views 0 comment Print

Explore the Delhi High Court’s ruling on PCIT-2 vs. ICICI Bank Ltd regarding accuracy in income reporting and the deletion of penalties under Section 271(1)(c) of the IT Act.

Advance for Flats: Recognizing Revenue on Risk Transfer & Buyer’s Transfer Rights- ITAT

March 22, 2024 627 Views 0 comment Print

In the case of Cavalcade Properties Pvt. Ltd. vs. DCIT, ITAT mandates re-evaluation of advances against flat bookings, challenging revenue recognition methods.

Date of transfer of share is date of contract and not date of agreement: ITAT Mumbai

March 22, 2024 801 Views 0 comment Print

ITAT Mumbai held that the date of the agreement by no stretch of imagination could be the date of sale of the shares by the assessee. As date of contract of sale would be date of fulfilment of conditions specified in share purchase agreement, date of contract will be treated as date of transfer.

No Penalty under Section 271B if Penalty Already Levied under Section 271A

March 20, 2024 261 Views 0 comment Print

Mumbai ITAT sets aside penalty under section 271B, citing previous penalty under section 271A for non-maintenance of accounts in Haresh Ghanshyamdas Makhija vs ITO case.

No Penalty U/s 271(1)(v) for Bona Fide Mistakes: Mumbai ITAT

March 20, 2024 303 Views 0 comment Print

Mumbai ITAT ruled no penalty under section 271(1)(c) if bona fide mistakes in original return were corrected during assessment. Full text analysis included.

ITAT allows refund of Excess Appeal Fees & deletes penalty on estimated addition

March 19, 2024 243 Views 0 comment Print

Discover ITAT Mumbais decision in S Sagar Enterprise vs DCIT, allowing refund of excess appeal fees and deletion of penalty under section 271(1)(c) of the Income Tax Act.

Flawed estimation of gains on silver articles & excess gold and diamond jewellery: ITAT deletes Penalty

March 19, 2024 195 Views 0 comment Print

Read the ITAT Chennai ruling in Padam J. Challani Vs ACIT case, directing AO to allow telescoping benefit and delete additions of excess gold and diamond jewellery. Full analysis and implications.

Addition for Consignment Sales Commission Unwarranted if same duly reflected in P&L account

March 18, 2024 150 Views 0 comment Print

ITAT Delhi rules that no addition shall be made when commission earned from consignment sale of foodgrains is reflected in P&L account. Detailed analysis of ITO Vs Smt. Keshar Devi.

Search Post by Date
March 2024
M T W T F S S
 123
45678910
11121314151617
18192021222324
25262728293031