Income Tax : Explore the implications of taxation under section 115BBE, including misuse of sections 68 to 69D, consequences of high tax rates,...
Income Tax : Learn about the penalties and prosecutions under the Income Tax Act of 1961 for various defaults and offenses. Find out the fines ...
Income Tax : Article discusses Income Tax Penalties for Failure to deduct TDS / TCS in full and part, Quoting false TAN in challan/ statements,...
Income Tax : Under the Income-tax Act, penalties are levied for various defaults committed by the taxpayer. Some of the penalties are mandatory...
Income Tax : It is proposed to amend the sections 271AAB, 271AAC and 271AAD by enabling the Commissioner (Appeals) to levy penalty under these ...
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 : Read how ITAT Delhi deleted penalty u/s 271AAB of the Income Tax Act due to a defective notice in Landcraft Developers (Pvt.) Ltd ...
Income Tax : Kerala High Court orders revision of penalty after fresh assessment in P.M. Abdul Nazeer vs ACIT case. Details of the judgment and...
Income Tax : ITAT Jaipur held that initiation of penalty proceedings u/s. 271AAB(1A) of the Income Tax Act without specifying the ground and de...
Income Tax : ITAT Delhi rules addition u/s 69A for excess jewelry during a search operation unsustainable as the assessee belonged to a wealthy...
Income Tax : ITAT Mumbai held that the levy of penalty under section 271AAB of the Income Tax Act is not mandatory or automatic and same needs ...
Article discusses Income Tax Penalties for Failure to deduct TDS / TCS in full and part, Quoting false TAN in challan/ statements, Failure to apply for TAN, Failure to furnish e TDS statement / TDS certificate, Failure to comply with department letter
ITAT Jaipur held that income surrendered during the course of search cannot be said to qualify as an undisclosed income in the context of section 271AAB read with the explanation thereto and hence penalty u/s 271AAB of Income Tax Act not leviable.
Calcutta High Court held that show cause notice not specifying the charge against the assessee is bad-in-law. Accordingly, initiation of the penalty proceedings is vitiated.
ITAT Mumbai held that addition under section 68 of the Income Tax Act towards unexplained cash credit unsustainable as cash proceeds already reflected in Profit & Loss account, hence addition u/s 68 will amount to double taxation.
ITAT Kolkata held that in case where search has not been conducted upon the assessee, then penalty under section 271AAB of the Income Tax Act cannot be imposed.
ITAT Delhi held that hollow and cosmetic approval accorded under section 153D of the Income Tax Act without application of mind is unenforceable in law and hence liable to be quashed.
ITAT Jaipur held that once penal provisions under section 271AAB of the Income Tax Act are applied in case of search addition, invoking provision of section 115BBE is not in accordance with law and accordingly unsustainable.
Jharkhand High Court held that when search is initiated, penalty is leviable under section 271AAB of the Income Tax Act. Accordingly, initiation of penalty proceedings u/s 271(1)(c) post initiation of search is unsustainable.
ITAT Kolkata held the levy of penalty under section 271AAB of the Income Tax Act without specifying the charge on which the same is imposable is unsustainable in law.
Smt. Priyanka Agarwal Vs DCIT (ITAT Jaipur) Taking into facts and circumstances of the case it is an evident from the show cause notice u/s 274 read with section 271AAB of the Act that the Assessing Officer was not clear i.e whether it is for the clause (a) or clause (b) or clause (c) of […]
