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...
The ITAT Delhi nullifies the penalty imposed under Section 271(1)(c) of the Income Tax Act on Meena Singhal, as the notice issued did not specify the particular charge.
ITAT Pune has set aside an NFAC order in the Kongnoli Sarva Seva Society Ltd vs ITO case. The ruling established that incorrect claims of deductions or expenses in ITR does not equate to the concealment of income
ITAT Ahmedabad held that when application of income is more than receipts of year, excess application of income i.e., expenditure in the hands of the assessee can be carried forward to succeeding Year.
The ITAT in Mumbai cancels penalties levied under Section 271(1)(c) of the Income Tax Act, in the case of Fancy Diamonds India Pvt Ltd. The tribunal held that such penalties aren’t applicable when additions are made purely on estimation
ITAT Ahmedabad held that no penalty can be imposed u/s. 271(1)(c) of the Act on account of disallowance of expenses incurred for increase of authorized share capital since no penalty can be imposed when there was no willful concealment.
ITAT Pune held that imposition of penalty under section 270A(9) of the Income Tax Act without specifying the limb within which the penalty is imposed is unsustainable. Failure of AO to quote any of the six sub-limbs as prescribed u/s 270A(9) makes imposition of penalty unsustainable
In the case of N.B. Builders & Promoters (P) Ltd Vs CIT, ITAT Chandigarh held that penalties cannot be imposed for mere lower gross profit based on assumptions and conjectures.
Bombay High Court held that reopening of assessment, in the exercise of powers under section 147 read with section 148 of the Act, without tangible material to conclude that income had escaped assessment is untenable in law.
ITAT Mumbai held that the assessee is eligible to claim exemption u/s. 54 of the Income Tax Act as the construction of residential house completed within three years from the relevant date.
Detailed analysis of the ITAT Delhi judgement in Kamlesh Gupta Vs DCIT case where the tribunal ruled that addition made on estimated profit does not constitute concealment, hence, no penalty.
