Custom Duty - Penalties and Prosecutions Default in complying with provisions of or with conditions prescribed under the Income-tax Act would attract certain penalty and in critical cases prosecutions as well. The document will provide you information about the punishable offences, prosecutions and the quantum of penalties that can be imposed under the...
Read MoreCustom Duty - Apart from penalty for various defaults, the Income-tax Act also contains provisions for launching prosecution proceedings against the taxpayers for various offences. In this part you can gain knowledge about the various provisions relating to prosecution which can be launched under the Income-tax Act....
Read MoreCustom Duty - Apart from levy of penalty for various defaults by the taxpayer, the Income-tax Law also contains provisions for launching prosecution for offences committed by the taxpayer. In this part you can gain knowledge about offences in respect of which prosecutions can be launched under the Income-tax Law....
Read MoreCustom Duty - In the tutorial on Penalties Under the Income-tax Act, we discussed various penalties imposable under the Income-tax Act in respect of various defaults. Apart from enacting penalty provisions...
Read MoreCustom Duty - Under the Income-tax Act, penalties are levied for various defaults committed by the taxpayer. Some of the penalties are mandatory and a few are at the discretion of the tax authorities. In this part, you can gain knowledge about the provisions relating to various penalties leviable under the Income-tax Act....
Read MoreSynergy Steels Ltd. Vs Commissioner of Customs (CESTAT Delhi) - CESTAT Delhi held that authority is not permitted to retain the excess amount paid by the appellant because of an error in EDI system. Authority is duty bound to refund such amount....
Read MoreMaranaikana Halli Jayashella Shetty Pradeepkumar Vs ACIT (ITAT Bangalore) - Maranaikana Halli Jayashella Shetty Pradeepkumar Vs ACIT (ITAT Bangalore) 271B Penalty- When the Assessee Has Not Maintained the Books of Account, There Is No Question of Getting the Books of Account Audited U/S 44AB Assessment was completed u/s 143(3) making additions to the returned income u/s 4...
Read MoreLokesh Kumar Sharma Vs ITO (ITAT Jaipur) - ITAT Jaipur held that where no books of account are maintained, penalty should be imposed for non-maintenance of books of account u/s 271A of the Income Tax Act. However, in such circumstances imposing penalty u/s. 271B for not getting books of accounts audited is not justifiable....
Read MoreSh. Yasir Bilal Khan Vs DCIT (ITAT Amritsar) - Sh. Yasir Bilal Khan Vs DCIT (ITAT Amritsar) ITAT Amritsar held that penalty u/s 271B for non-furnishing of audit report within specified date leviable as assessee failed to prove nexus between non-completion of the audit report u/s. 44AB with the flood of Kashmir. Facts- The penalty was levied by t...
Read MoreDevki Nandan Bindal Vs ITO (ITAT Delhi) - Devki Nandan Bindal Vs ITO (ITAT Delhi) The Board has clarified that the turnover does not include the sales affected on behalf of the principals and only the gross commission has to be considered for the purposes of section 44AB where the agents act only as an agent of his constituent and never act...
Read MoreSynergy Steels Ltd. Vs Commissioner of Customs (CESTAT Delhi) -
Maranaikana Halli Jayashella Shetty Pradeepkumar Vs ACIT (ITAT Bangalore) -
Lokesh Kumar Sharma Vs ITO (ITAT Jaipur) -
Sh. Yasir Bilal Khan Vs DCIT (ITAT Amritsar) -
Devki Nandan Bindal Vs ITO (ITAT Delhi) -
Gurukrupa Developers Vs D.C.I.T. (ITAT Ahmedabad) -