Income Tax : This guide explains the penalty and prosecution framework under the Income-tax Act for AY 2026-27. It highlights the consequences ...
Income Tax : This article outlines major penalties under the Income-tax Act for defaults involving tax payments, return filing, TDS compliance,...
Income Tax : A comprehensive guide to penalty provisions under the Income-tax Act covering defaults in returns, tax payments, TDS, audits, tran...
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 : 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 Hyderabad held that a penalty notice under Section 271AAB must clearly specify the applicable statutory limb and charge. As t...
Income Tax : The Tribunal ruled that a penalty notice lacking a specific allegation of under-reporting, misreporting, or the applicable clause ...
Income Tax : The ITAT held that a penalty under Section 271AAB cannot survive where the show cause notice fails to specify the exact statutory ...
Income Tax : The ITAT held that penalty under Section 271DA cannot be sustained where the Assessing Officer failed to record a clear and consci...
Income Tax : The ITAT held that penalty under Section 270A could not be sustained because the Assessing Officer failed to clearly distinguish b...
ITAT Ahmedabad held that section 275(1A) of the Income Tax Act empowers AO to pass penalty order by enhancing or reducing penalty on the basis of assessment as revised by giving effect to orders passed by appellate authority or courts.
ITAT Pune held that penalty under section 271(1)(c)/ 271AAB of the Income Tax Act imposable even in case of voluntary disclosure or declaration or surrender per se of income. Accordingly, appeal filed by revenue allowed.
ITAT Delhi remands penalty under Section 271AAB for reassessment, linking it to reconsidered quantum addition. Fresh proceedings ordered for compliance.
ITAT Jaipur upheld CIT(A)’s decision to add undisclosed income under Sec 50C in the case of Kavita Samtani Vs DCIT, relating to discrepancies in reported property sale value.
ITAT Delhi held that penalty u/s. 271AAB of the Income Tax Act not imposable as AO failed to link additional income disclosed by the assessee with the incriminating material found during search. Thus, penalty u/s. 271AAB deleted.
ITAT Bangalore held that delay of 288 days committed as assessment order mailed to email ID of erstwhile employee and hence delay in filing of an appeal condoned. Matter remanded back to CIT(A) for fresh adjudication.
Read how ITAT Delhi deleted penalty u/s 271AAB of the Income Tax Act due to a defective notice in Landcraft Developers (Pvt.) Ltd Vs ACIT case.
Kerala High Court orders revision of penalty after fresh assessment in P.M. Abdul Nazeer vs ACIT case. Details of the judgment and its implications.
ITAT Jaipur held that initiation of penalty proceedings u/s. 271AAB(1A) of the Income Tax Act without specifying the ground and default on the part of the assessee and also without specifying the undisclosed income on which penalty was proposed to be levied is unsustainable-in-law.
ITAT Delhi rules addition u/s 69A for excess jewelry during a search operation unsustainable as the assessee belonged to a wealthy family and received jewelry on occasions
