Income Tax : Detailed overview of penalties under various sections of the Income Tax Act, covering defaults in tax payment, reporting, document...
Income Tax : Explore the implications of taxation under section 115BBE, including misuse of sections 68 to 69D, consequences of high tax rates,...
Income Tax : Understand the penalties imposable in income tax search cases. Learn about the different types of penalties and their implications...
Income Tax : The ITAT held that mere disclosure of undisclosed income during search is insufficient for immunity under Section 271AAA unless th...
Income Tax : Court held that penalty under Section 270A cannot apply where assessed income does not exceed processed income. Key takeaway: stat...
Income Tax : Penalty imposed under Section 271AAA was set aside, holding that only the Assessing Officer is empowered to levy such penalty. The...
Income Tax : The Tribunal ruled that Section 69A applies only when the assessee is found to be the owner of money or assets. Mere suspicion or ...
Income Tax : The issue was whether penalty could be levied despite disclosure of undisclosed income during search. The Tribunal held that when ...
The ITAT held that mere disclosure of undisclosed income during search is insufficient for immunity under Section 271AAA unless the assessee substantiates the manner in which such income was derived.
Court held that penalty under Section 270A cannot apply where assessed income does not exceed processed income. Key takeaway: statutory conditions must be strictly met.
Penalty imposed under Section 271AAA was set aside, holding that only the Assessing Officer is empowered to levy such penalty. The Tribunal further ruled that once quantum addition is deleted, penalty cannot survive.
The Tribunal ruled that Section 69A applies only when the assessee is found to be the owner of money or assets. Mere suspicion or digital communication cannot replace proof of possession or ownership.
The issue was whether penalty could be levied despite disclosure of undisclosed income during search. The Tribunal held that when the assessee explains the manner of earning income and pays due tax, no penalty is leviable.
The dispute concerned cancellation of IDS benefits due to non-payment. The Tribunal held that once IDS lapses, undisclosed income is taxable with mandatory penalty.
While sustaining additions on merits, ITAT Delhi restricted taxable income to a lump-sum 8% of Section 68-type amounts. The estimation was granted as a one-time relief and expressly not treated as a precedent.
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.
The Delhi High Court set aside the entire reassessment process against Siam Stock Holdings Ltd. after finding that all official notices were sent to a former employee’s email address, violating principles of natural justice and rendering the proceedings invalid.
ITAT Chandigarh held that addition on the basis of loose paper without any corroborative material is not sustainable in law. Accordingly, addition is directed to be deleted and appeal is allowed.
