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 Bangalore ITAT held that an assessee claiming exemption based on Form 16 issued by the employer acted under a bona fide belief...
Income Tax : The Mumbai ITAT held that the Assessing Officer cannot impose the maximum 90% penalty under Section 271AAB without recording extra...
Income Tax : The court held that transfer pricing adjustments cannot automatically be treated as misreporting of income. Without evidence of de...
Income Tax : Holding that the search team did not examine the source of cash properly, the Tribunal directed bifurcation of penalty—30% on de...
Income Tax : PCIT Vs Sandeep Chandak (Allahabad High Court) These income tax appeals arose from a common order dated 02.01.2017 passed by the I...
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
ITAT Mumbai held that the levy of penalty under section 271AAB of the Income Tax Act is not mandatory or automatic and same needs to be examined depending upon the facts and circumstances of the case.
Explore the implications of taxation under section 115BBE, including misuse of sections 68 to 69D, consequences of high tax rates, and relevant judicial precedents.
ITAT Jaipur held that imposition of penalty under section 271AAB of the Income Tax Act unsustainable as income does not fall in the category of undisclosed income.
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.
