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 : 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 : The Chennai ITAT held that deductions approved by DSIR under Section 35(2AB) cannot be disallowed merely on the basis of survey st...
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 issue was whether penalties under sections 271D and 271E apply to cash dealings of a credit society with its members. ITAT hel...
Income Tax : The issue involved reassessment completed without a reply to the reopening notice. The Court set aside the orders and remanded the...
Income Tax : The Tribunal held that a final assessment passed after the expiry of Section 153 is invalid, even if it follows DRP directions. Th...
The Chennai ITAT held that deductions approved by DSIR under Section 35(2AB) cannot be disallowed merely on the basis of survey statements or AO findings. The Tribunal ruled that the AO and DRP exceeded their jurisdiction by questioning deductions already certified in Form 3CL.
The ITAT Bangalore held that cash received as part of sale consideration for immovable property does not automatically attract penalty under Section 271D if reasonable cause is established under Section 273B.
The issue was whether penalties under sections 271D and 271E apply to cash dealings of a credit society with its members. ITAT held that genuine, audited member transactions supported by reasonable cause are protected under section 273B.
The issue involved reassessment completed without a reply to the reopening notice. The Court set aside the orders and remanded the case to allow the assessee a fresh opportunity.
The Tribunal held that a final assessment passed after the expiry of Section 153 is invalid, even if it follows DRP directions. The is that limitation under Section 153 remains mandatory and cannot be bypassed through the DRP route.
ITAT Delhi deletes ₹16.97 Cr addition; Denmark-based LM Wind Power AS has no PE or business connection in India. Royalty taxable u/s 115A; penalty u/s 271AA unsustainable.
ITAT restored penalties under Sections 271AAC and 270A after noting CIT(A) dismissed appeal without hearing assessee. Case highlights necessity of providing a fair opportunity before imposing penalties.
Detailed overview of penalties under various sections of the Income Tax Act, covering defaults in tax payment, reporting, documentation, and TDS/TCS compliance with prescribed penalty amounts.
A summary of key penalties under the Income Tax Act for AY 2026-27, covering defaults from late filing and non-payment to misreporting income and non-compliance with compliance. Learn about financial penalties and potential rigorous imprisonment for serious tax offenses.
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.
