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 : 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 : The Tribunal found no distinguishing factors between the assessee and another liquor trader whose GP rate of 3.13% had been accept...
Income Tax : The assessee argued that payment of advance tax demonstrated absence of concealment. The High Court held that a subsequent conscio...
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...
Taxing a debenture waiver as revenue income was challenged. The Tribunal rejected the approach, holding the waiver arose from capital financing and not trading operations. The ruling confirms that capital restructuring gains are not taxable by default.
The issue was whether a penalty can survive when the show cause notice fails to specify the exact charge. ITAT held that a vague notice violates law, making the entire penalty unsustainable.
The ITAT restored an ex-parte assessment where LTCG was added mechanically without hearing the taxpayer. The ruling reinforces that denial of natural justice vitiates capital gains assessments.
Applying settled law, the Tribunal held that penalties imposed after expiry of the limitation period are void. Both loan and repayment penalties were deleted across multiple years.
Mumbai ITAT held that unexplained bank credits are fully taxable under Section 68 when beneficiaries of accommodation entries are not identified. Mere claim of acting as an entry operator does not limit addition to commission income.
The tribunal held that an ex parte assessment involving large unexplained bank credits required fresh adjudication. The matter was remanded to the Assessing Officer with one final opportunity to the assessee.
The Tribunal held that no interest disallowance can be made when ample interest-free funds are available. The key takeaway is that diversion cannot be presumed without establishing a nexus with borrowed funds.
The ITAT held that reassessment proceedings remain valid even if no separate addition is made on the original reopening issue. The key lesson is that voluntary disclosure by the assessee satisfies the reopening requirement.
The Tribunal held that a one-day delay in depositing employees’ PF caused by proven payment gateway failure constitutes impossibility of performance. Genuine attempts and evidence justified allowing the deduction despite strict timelines.
Delhi High Court held that Dispute Resolution Panel [DRP] cannot merely approve the conclusion of TPO without giving independent findings. Accordingly, writ dismissed as no substantial question arise in the petition.
