Income Tax : The Tribunal ruled that penalty under Section 271A cannot be levied merely because books were rejected and income was estimated. S...
Income Tax : Section 44AA mandates books for professionals and businesses exceeding income thresholds. Details presumptive tax rules, required ...
Income Tax : Detailed overview of penalties under various sections of the Income Tax Act, covering defaults in tax payment, reporting, document...
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 : Explore recent ITAT judgment in Rakesh Kr. Jha vs. ITO, delving into interpretation of Sections 271A and 271B, highlighting confli...
Income Tax : Explore amendments to section 253 of Income-tax Act, adjusting time limits for filing appeals to the Income Tax Appellate Tribunal...
Income Tax : Orissa High Court held that post search operation all pending assessments/reassessments doesn’t not automatically get abated as ...
Income Tax : The ITAT Bangalore held that cash received as part of sale consideration for immovable property does not automatically attract pen...
Income Tax : The dispute centered on a statutory obligation to maintain books of account. The tribunal confirmed that non-compliance attracts p...
Income Tax : The tribunal held that once penalty is imposed for non-maintenance of books, a second penalty for non-audit cannot be levied. Levy...
Income Tax : The Tribunal deleted a penalty imposed for alleged non-maintenance of accounts. It held that audited books, even if defective, do ...
ITAT Delhi held that disallowance under section 40A(2)(b) of the Income Tax Act on merely estimating that more income should have been earned from sub-contracting without bringing any comparable figures is unsustainable in law.
ITAT Mumbai ruling on penalty u/s.271B for non-maintenance of books of accounts by an assessee engaged in trading, financing, realty, and commodities business. Analysis of Varadagovind Parthasarthy Iyer vs ITO case.
ITAT Ahmedabad held that payment of cash towards purchase of land exceeding the prescribed limit is duly disallowed under section 40A(3) of the Income Tax Act.
Read analysis of ITAT judgment in Saraswati Gupta vs. ITO case confirming penalties under sections 271A and 271B for not maintaining and auditing books of account. Learn about the outcome and reasoning.
ITAT Mumbai held that penalty under section 272A(1)(c) not warranted as reasonable cause shown for delay in providing the details by the assessee and later in the end, the assessee had shared all the relevant details.
The ITAT Bangalore in the case of Suresh Sharma vs ITO reaffirms the principle that penalty proceedings under Section 271A of the Income Tax Act cannot be initiated if the Books of Account are properly maintained
An analysis of the landmark case Taranjeet Singh Alagh vs ITO, in which the ITAT Delhi provides key clarifications on the penalties under section 271B of the Income Tax Act relating to account audits and book maintenance.
ITAT Hyderabad order, wherein Mohammed Rahimuddin successfully appeals the penalty u/s 271A due to estimation-based income addition.
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.
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 44AD. AO initiated penalty proceedings u/s 271A & 271B. […]
