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...
Mere making of a claim, which is not sustainable in law, would not, ipso facto, amount to concealment of income or furnishing of inaccurate particulars of Income
If very initiation of penalty proceedings on a defective notice is invalid and it do not warrant imposition of penalty u/s.271(1)(c) of the Act on the assessee.
Ajaybhai I Gogia Vs ITO (ITAT Rajkot) From the fact of the case ITAT observed that there are conflicting judicial precedents on the issue under consideration and therefore, it may be inferred that the issue before us is one in which two views are possible. Further, we note that the Hon’ble Gujarat High Court has […]
Jagubhai Chhaganbhai Patel Vs I.T.O (ITAT Surat) In this cases in quantum appeals assessee was granted substantial relief in deleting major part of additions and only part of capital gains only on account of cost of improvement on pucca structure was partly upheld on estimation basis. Therefore, all substantial additions were either deleted or upheld […]
ITAT held that for the AO to assume jurisdiction u/s 271(l)(c), proper notice is necessary and the defect in notice u/s 274 of the Act vitiates the assumption of jurisdiction by the learned Assessing Officer to levy any penalty.
Neelkanth Town Planners Pvt. Ltd. Vs DCIT (ITAT Delhi) We find that the Assessing Officer has issued the penalty notice stating that, subsequently penalty notice u/s 271(1)(c) was issued on 20.03.2017, fixing the case for hearing on 24.03.2017. The assessee was asked to why penalty u/s 271(1)(c) should not be imposed upon you for concealment […]
Heritage Infracon Pvt. Ltd. Vs DCIT (ITAT Delhi) At the outset learned counsel for the assessee submitted that in quantum proceedings the Tribunal vide its order dated 4.12.2019 was pleased to delete the addition made by the Assessing Officer. Revenue has not disputed the fact that the assessment has been quashed by the Tribunal in […]
Tanya Automobiles Pvt. Ltd. Vs ACIT (ITAT Delhi) It was pointed out by the Ld. Counsel for the assessee that the quantum appeal arising out of assessment order has been decided vide ITA No. 1842/Del/2017 and the addition has been deleted. The fact could not be controverted by the Revenue. The Bench is of firm […]
ACIT Vs Swapnadeep Krushi Paryatan Kendra (ITAT Pune) The AO has imposed penalty only with reference to the amount of Rs.1.50 crore which was suo motu declared by the assessee in the return. In that view of the matter, the ratio laid down in MAK data Pvt. Ltd. (supra) has no application to the facts […]
Prakash Mithalal Oswal Vs ITO (ITAT Pune) It is found that the reported income and the assessed income of the assessee remain same except for minor disallowance of expenses. The AO has imposed penalty only with reference to the amount of Rs.50.00 lakh and odd which was suo motu declared by the assessee in the […]
