Income Tax : Discover penalties and prosecutions under the Income Tax Act, 1961, including default conditions, quantum of penalties, and potent...
Income Tax : Learn about penalty provisions under the IT Act, including penalties for defaults in tax payment, income reporting, and more. Key ...
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 : In the tutorial on Penalties Under the Income-tax Act, we discussed various penalties imposable under the Income-tax Act in respec...
Income Tax : ITAT Delhi held that Bright Line Test doesn’t have statutory mandate and cannot be applied for determining Arm’s Length Price ...
Income Tax : ITAT Pune held that penalty under section 271AA of the Income Tax Act is not imposable in view of section 273B of the Act since th...
Income Tax : ITAT Ahmedabad held that penalty u/s.271AA of the Income Tax Act cannot be levied without specifying the required documents failed...
Income Tax : ITAT Ahmedabad affirms CIT(A) order canceling ₹1.2 Cr penalty on Priya Blue Recycling LLP, citing lack of international transact...
Income Tax : In a landmark ruling, the Delhi High Court held that government shareholders are not automatically considered related parties und...
ITAT Delhi held that Bright Line Test doesn’t have statutory mandate and cannot be applied for determining Arm’s Length Price [ALP] of Advertisement, Marketing and Promotion [AMP] expense. Accordingly, appeal allowed to that extent.
ITAT Pune held that penalty under section 271AA of the Income Tax Act is not imposable in view of section 273B of the Act since there was a reasonable cause for not reporting the said transaction in Form No. 3CEB as it was not considered to be an international transaction.
ITAT Ahmedabad held that penalty u/s.271AA of the Income Tax Act cannot be levied without specifying the required documents failed to be maintained/furnished by the assessee. Thus, appeal of the revenue dismissed.
ITAT Ahmedabad affirms CIT(A) order canceling ₹1.2 Cr penalty on Priya Blue Recycling LLP, citing lack of international transactions.
Discover penalties and prosecutions under the Income Tax Act, 1961, including default conditions, quantum of penalties, and potential legal consequences.
Learn about penalty provisions under the IT Act, including penalties for defaults in tax payment, income reporting, and more. Key FAQs and amounts covered.
In a landmark ruling, the Delhi High Court held that government shareholders are not automatically considered related parties under Section 92E of the Income Tax Act, 1961. This decision has significant implications for companies with government shareholding.
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.
The Income Tax Appellate Tribunal (ITAT) in Pune deleted the penalty in the Jyoti Paper Udyog Ltd Vs. ACIT case due to non-production of Form No. 3CEB under Section 92E.
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.
