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Income Tax - Section 271AA – Penalty for failure to keep / maintain information and documents in respect of an international or specified domestic transaction Provisions of section 92D of the Income Tax Act, 1961 mandates the following categories of persons to maintain and keep specified information and documents – The person who has entered into ...
Read MoreIncome Tax - 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 MoreIncome Tax - 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 MoreIncome Tax - 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 MoreIncome Tax - 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 MoreAsst. CIT Vs. Shailesh Gopal Mhaske (ITAT Pune) - Where the assessee failed to specify manner in which undisclosed income was derived and also failed to deposit due taxes then the assessee failed to satisfy the conditions specified under section 271AAA(2) and hence, immunity from penalty was not available to assessee....
Read MoreITO v. Nihon Parkerizing (India) (P.) Ltd. (ITAT Delhi) - Hon’ble ITAT upheld the position of law as iterated by CIT (A) that it is an established law applicable for imposition of penalty that law, as in force, at the time of filing of Return would be applicable. ...
Read MoreDCIT Vs. Shri Suresh Karmakar (ITAT Kolkata) - Income declared cannot be called retraced if same was included in 2nd revised return but not in Original and First Revise Return further Sec. 271AAA(2) not mandates offering of undisclosed income in return of income....
Read MoreSiddhi Home Makers Vs ITO (ITAT Mumbai) - Where Assessing Officer issued two notices for imposition of penalty namely, one u/s 274 r.w.s. 271(1)(c) and second u/s 274 r.w.s 271AAA in cases where search u/s 132 of the Act has been initiated, then such notices issued by AO are untenable in law....
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Asst. CIT Vs. Shailesh Gopal Mhaske (ITAT Pune) -
ITO v. Nihon Parkerizing (India) (P.) Ltd. (ITAT Delhi) -
DCIT Vs. Shri Suresh Karmakar (ITAT Kolkata) -
Siddhi Home Makers Vs ITO (ITAT Mumbai) -
