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...
ITAT Mumbai held that it is settled legal position that when income is estimated, then there can be no question of imposing penalty u/s 271(1)(c) of the Act.
ITAT, held that if assessee voluntarily declares income during a survey and later includes it in their regular income tax return, no penalty under Section 271(1)(c) can be imposed.
ITAT Pune held that penalty u/s 271(1)(c) of the Income Tax Act duly leviable in case the additional income is disclosed in ITR filed u/s 153A and such additional income is originated out of seized material.
ITAT Delhi held that penalty under section 271(1)(c) of the Income Tax Act not imposable when income is assessed on estimate basis and accordingly additions are made therein on estimate basis.
ITAT Delhi held that to burden assessee with capital gain arising out of transfer of immovable property or an interest in it, the cost of acquisition is necessarily to be established. Here, cost of acquisition of so called right of preemption is considered as NIL. Hence, computation provisions fail, therefore capital gains could not have been calculated.
ITAT Delhi held that hollow and cosmetic approval accorded under section 153D of the Income Tax Act without application of mind is unenforceable in law and hence liable to be quashed.
ITAT Jaipur held that penalty u/s 271(1)(c) of the Income Tax Act not leviable as addition made on account of meager amount and on account of difference of opinion only.
ITAT Bangalore held that any proceedings taken against the deceased before his death shall be deemed to have been taken against the legal representative. However, penalty order passed in the name of death person after his death is invalid.
ITAT Mumbai held that penalty u/s 271(1)(c) of the Income Tax Act unsustainable as entire addition is made on estimation basis and at no point of time it is proved that assessee has concealed the particulars of income or has furnished inaccurate particulars of income.
ITAT Delhi deletes penalties imposed under section 271(1)(c) for concealment of income/filing inaccurate particulars in Babita Khurana vs DCIT case. Detailed analysis and ruling provided.
