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 : Discover penalties and prosecutions under the Income Tax Act, 1961, including default conditions, quantum of penalties, and potent...
Income Tax : A detailed guide on updated penalties under the Income Tax Act, 1961 for AY 2025-26. Learn about fines for non-compliance, under-r...
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 : ITAT Nagpur held that addition towards unexplained expenditure u/s. 69C of the Income Tax Act not warranted since the same are alr...
Income Tax : ITAT Jaipur held that addition towards undisclosed income rightly sustained since assessee failed to explain the incriminating mat...
Income Tax : ITAT Mumbai ruled on Dev Engineers Vs DCIT, deleting penalties under Sections 271(1)(c) and 271AAB. Additions were based on estima...
Income Tax : ITAT Ahmedabad held that section 275(1A) of the Income Tax Act empowers AO to pass penalty order by enhancing or reducing penalty ...
Income Tax : ITAT Pune held that penalty under section 271(1)(c)/ 271AAB of the Income Tax Act imposable even in case of voluntary disclosure o...
An examination of section 271AAB penalty when no undisclosed income is found during search actions. Discover how ITAT Nagpur ruled on this critical tax law issue.
Analysis of the recent ITAT ruling on Pawan Satyanarain Jalan Vs Assessing Officer Central where the penalty under Section 271AAB of the Income Tax Act was deleted.
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.
