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 : Comprehensive summary of income tax penalties under the Income Tax Act for AY 2026-27. Covers defaults in tax payment, filing, rep...
Income Tax : Section 271AAB penalties will not apply to searches initiated under Section 132 after September 1, 2024, as per the Finance Bill, ...
Income Tax : Penalty under Section 271AAB of the Income-tax Act is not applicable for searches after 1st September 2024, replaced by Section 15...
Income Tax : Explore the implications of taxation under section 115BBE, including misuse of sections 68 to 69D, consequences of high tax rates,...
Income Tax : Section 271AAB provides for imposition of penalty at specified rates where search has been initiated. The rate of penalty varies...
Income Tax : Section 271AAB provides for imposition of penalty @ 10% on undisclosed income found during the course of search and admitted at t...
Income Tax : Present scheme of administration of Search and Assessment of search cases needs to be made effective to reduce technical complexit...
Income Tax : The Income Tax Appellate Tribunal (ITAT) deleted a ₹22.21 lakh penalty under Section 271AAB, ruling that the show-cause notice w...
Income Tax : The ITAT deleted penalties under both Sections 271(1)(c) and 270A, ruling that merely making a bona fide but ultimately unsustaina...
Income Tax : The ITAT Mumbai, in Mohan Thakurdas Gurnani Vs ITO, deleted penalties levied under Section 271(1)(c) of the Income-tax Act, 1961,...
Income Tax : The ITAT Chandigarh ruled that a show cause notice was defective and invalid, leading to the deletion of a penalty imposed on G.S....
Income Tax : ITAT Kolkata rules that a penalty under Section 271AAB cannot be levied if no search has been initiated on the assessee, even if a...
The Income Tax Appellate Tribunal (ITAT) deleted a ₹22.21 lakh penalty under Section 271AAB, ruling that the show-cause notice was defective for not specifying the charge. The Tribunal also held that mere stock valuation differences and an already offered cash investment do not qualify as “undisclosed income” under the section’s strict definition.
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.
Comprehensive summary of income tax penalties under the Income Tax Act for AY 2026-27. Covers defaults in tax payment, filing, reporting, and compliance as amended by the Finance Act, 2025, with detailed penalty provisions.
The ITAT deleted penalties under both Sections 271(1)(c) and 270A, ruling that merely making a bona fide but ultimately unsustainable tax claim under the India-UK DTAA does not attract a penalty. The Tribunal held that a difference in legal interpretation, especially in complex international tax issues, does not constitute concealment or misreporting of income.
The ITAT Mumbai, in Mohan Thakurdas Gurnani Vs ITO, deleted penalties levied under Section 271(1)(c) of the Income-tax Act, 1961, for notional income from house property, holding that penalty requires actual concealment, not notional additions.
The ITAT Chandigarh ruled that a show cause notice was defective and invalid, leading to the deletion of a penalty imposed on G.S. Auto Comp Pvt. Ltd.
ITAT Kolkata rules that a penalty under Section 271AAB cannot be levied if no search has been initiated on the assessee, even if a statement is made under Section 131.
The ITAT Delhi has deleted a penalty imposed by the CIT(A), ruling that the CIT(A) did not have the jurisdiction to change the nature of a penalty from Section 271AAB to 271(1)(c).
The ITAT Chandigarh ruled that a penalty notice without a specific charge is invalid, leading to the deletion of a penalty under Section 271AAB.
ITAT Delhi held that order of special audit held to be void ab-initio since due procedure as mandated under the provisions of Sec. 142(2A) and Sec. 142(2C) of the Income Tax Act has not been followed.
