Income Tax : Discover the implications of Income Tax Act Section 270A and penalties for under-reporting or misreporting income. Learn calculati...
Income Tax : Grounds of Appeal related to the penalty imposed u/s 271(1)(c) of the Act , 1961 AY 2015-16 1. In the facts and circumstances of t...
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 : The Committee recommends that the scope of Section 273B should be suitably enlarged to provide that penalty for concealment of inc...
Income Tax : ITAT Mumbai removes penalty imposed on Sunil Bhagwandas Vorani (HUF) as addition was made on estimation basis, not due to concealm...
Income Tax : Explore the detailed ITAT Mumbai order analysis of Yogesh P. Thakkar vs DCIT, focusing on disputed long-term capital gains and com...
Income Tax : Read the full text of the ITAT Mumbai order in the case of Krimesh Ramesh Divecha Vs DCIT for A.Y. 2015-16. Understand the assessm...
Income Tax : Delhi HC: No penalty for New Holland Tractors if assessee's contention was plausible and bona fide, provided full disclosure of fa...
Income Tax : ITAT Delhi rules in favor of Grey Orange India Pvt. Ltd., allowing income tax deduction on warranty expenses. Detailed analysis of...
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...
A detailed review of Raghuvirsinh Vaghela vs ITO case where ITAT Ahmedabad ruled on the validity of compensation claims in co-ownership development agreements.
ITAT Mumbai held that cost reimbursement received towards providing support services is taxable as Fees for Technical Services (FTS) both under Section 9(1) (vii) of the Act as well as Article 12(4) of the Double Taxation Avoidance Agreement.
ITAT Hyderabad held that law doesn’t permit delegation of authority by PCIT to Assessing Officer (AO) for the purpose of imposition of penalty. Accordingly, direction issued by PCIT to AO to initiate penalty proceedings u/s 271(1)(c) of the Income Tax Act is unlawful.
Ashvin Narayan Bajoria (HUF) Vs ITO (ITAT Surat) Recently the SMC Bench of Surat Income Tax Appellate Tribunal passed a judgement in the aforementioned case deleting the penalty levied by the Ld. Assessing Officer under section 271(1)(c) of the Act for concealment of income. The central point of discussion was whether or not penalty imposed […]
ITAT Delhi held that penalty notice under section 271(1)(c) without specifying the limb is vague and ambiguous, accordingly, penalty proceedings not sustainable.
ITAT Delhi held that the income from technical handling services received from ‘International Airlines Technical Pool (IATP) members is not taxable in India as it is covered under Article 8(2) r.w. Article 8(1) of India-France DTAA.
The assessee is a wholly owned subsidiary of GBT III BV, Netherlands and is engaged in the business of arranging travel for domestic customers within and outside India by facilitating services entailing booking of air tickets, accommodation, cab, conference rooms, catering services, management of corporate events, public relation services etc.
ITAT Ahmedabad rules deduction under Section 54 of the Income Tax Act not allowable in current year. Orders reexamination for Previous A.Y. Details here.
Read the full text of ITAT Ahmedabad’s order deleting the penalty u/s 271(1)(c) for Dineshkumar Kanjibhai Patel-HUF as no concealment of particulars or inaccurate income filing found.
ITAT Jaipur held that addition towards short term capital loss treating it as bogus unsustainable as transaction of purchase and sale of shares done through banking channel and STT duly paid thereon.
