Income Tax : Learn about the penalties and prosecutions under the Income Tax Act of 1961 for various defaults and offenses. Find out the fines ...
Income Tax : Apart from penalty for various defaults, the Income-tax Act also contains provisions for launching prosecution proceedings against...
Income Tax : Apart from levy of penalty for various defaults by the taxpayer, the Income-tax Law also contains provisions for launching prosecu...
Income Tax : In the tutorial on Penalties Under the Income-tax Act, we discussed various penalties imposable under the Income-tax Act in respec...
Income Tax : Under the Income-tax Act, penalties are levied for various defaults committed by the taxpayer. Some of the penalties are mandatory...
Income Tax : The Committee recommends that the scope of Section 273B should be suitably enlarged to provide that penalty for concealment of inc...
AC Chokshi Share Brokers Pvt Ltd appeals against disallowed legal expenses for out-of-court settlement & defense. ITAT Mumbai orders readjudication. Details here.
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.
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.
In the case of Cavalcade Properties Pvt. Ltd. vs. DCIT, ITAT mandates re-evaluation of advances against flat bookings, challenging revenue recognition methods.
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.
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.
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.
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.
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.
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.