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 : Tribunal held that reassessment beyond three years was not permissible where alleged escaped income was only ₹38 lakh. Since sta...
Income Tax : The Tribunal held that penalty was not justified where all relevant facts were disclosed in the return of income, audit report, an...
Income Tax : The Delhi ITAT upheld deletion of a penalty after finding that the show-cause notice failed to specify the applicable limb of Sect...
Income Tax : ITAT Ahmedabad held that unsecured loan additions could not be sustained where the assessee furnished confirmations, bank statemen...
Income Tax : The Bangalore ITAT held that a disallowance under Section 14A read with Rule 8D cannot survive without the Assessing Officer recor...
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...
Arjuna, while playing on the Football Ground if, a player pushes other players or creates any obstruction then the referee whistles and show a Yellow Card. Yellow Card represents a mild penalty. If you look at Income Tax, the taxpayers are intimated by a prior notice and thereafter a penalty is levied
ACIT Vs Thermax Limited (ITAT Pune) Revenue has not doubted the genuinity of the return filed by the assessee and has not said that the particular of expenses claimed in the return were not correct. The expenses were claimed and quantum additions have been upheld by the Tribunal. However, in the separate proceedings of penalty […]
DCIT Vs. ICICI Bank Ltd. (ITAT Mumbai) The issue under consideration is whether the CIT(A) is correct in deleting the penalty levied u/s 271(1)(c) on the disallowance of expenses made u/s.35D? ITAT states that, the assessee claimed deduction of preliminary expenses u/s 35D which was rejected by Ld.AO in terms of decision of Hon’ble Madras […]
Balaji Telefilms Limited Vs. DCIT (ITAT Mumbai) The issue under consideration is whether the penalty proceedings u/s 271(1)(c) without specifying the limb will be sustain under law? ITAT states that, it has been held by Hon’ble Court that the notice would have to specifically state the ground mentioned in Section 271(1)(c) of the Act namely […]
Gangotri Textiles Ltd. Vs. DCIT (Madras High Court) The issue under consideration is whether the penalty u/s 271(1)(c) levied by the assessing officer is justified in law? In the present case, the assessee did not disclose about the sale of the lands and windmill in the return of income, which was clear from the perusal […]
whether the additional ground submitted by the assessee should be allowed by the tribunal by considering that the assessee has not claimed exemption in the return filed due to inadvertence?
Vishnu Tambi Vs DCIT (ITAT Jaipur) Under Section 271(1)(c) of the Act, the authority has been given discretion to levy the penalty in case there is a concealment of particulars of income and also with regard to quantum of penalty. However, it is a basic need of the provisions of law that definite finding is […]
Agencies Rajasthan Pvt. Ltd. Vs PCIT (ITAT Jaipur) Invocation of Section 263 of Income Tax Act, 1961 to initiate Penalty proceeding not sustainable when addition itself deleted by ITAT Brief facts of the case are that assessment u/s 143(3) of the Act was completed on 30-12-2017 by the AO and thus the AO made the […]
DCIT Vs Maharashtra State Power Generation Co. Ltd. (ITAT Mumbai) When the assessee had came forth with the full disclosure of all the particulars in respect of its aforesaid claim of expense, which as observed by us hereinabove had not been proved to be incorrect by the lower authorities, therefore, merely for the reason that […]
The issue under consideration is whether the cancellation of the penalty u/s 271(1)(c) by the CIT(A) is justified in law?
