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 guide explains when penalties can be imposed under various provisions of the Income-tax Act, 1961. It also outlines the appli...
Income Tax : The article explains how offences such as wilful tax evasion, failure to file returns, non-payment of TDS/TCS, falsification of re...
Income Tax : This article outlines major offences under the Income-tax Act that may result in prosecution, including tax evasion, non-payment o...
Income Tax : This article explains the statutory powers of the Principal Commissioner or Commissioner to waive or reduce penalties in genuine c...
Income Tax : All Odisha Tax Advocates Association has filed an PIl before Orissa High Court with following Prayers- (i) Admit the Writ Petition...
Income Tax : ITAT Chennai held that the assessees bona fide belief, based on the Departments consistent acceptance of interest income as Income...
Income Tax : ITAT ruled that personal savings account credits require proof of business nexus before being treated as turnover. The income addi...
Income Tax : The Tribunal held that AY 2010-11 was outside the permissible ten-year assessment block computable under Section 153A. Applying th...
Income Tax : The issue was denial of concessional tax regime due to incorrect ITR disclosure and alleged delay in filing Form 10-IC. The Tribun...
Income Tax : The Tribunal held that audit under section 44AB depends on turnover, not taxability of income. Exempt entities must still comply i...
The Tribunal held that audit under section 44AB depends on turnover, not taxability of income. Exempt entities must still comply if limits are exceeded.
The issue was whether delay in filing appeal without strong documentary proof should be condoned. The ITAT held that when sufficient cause exists, delay must be liberally condoned to ensure justice and hearing on merits.
The issue involved arbitrary estimation of income at 20% and 5% of turnover. The Tribunal reduced it to 4% due to lack of supporting comparables and considering business realities. The key takeaway is that estimation must be reasonable and justified.
Orissa High Court held that post search operation all pending assessments/reassessments doesn’t not automatically get abated as provisions of section 158BA(2) of the Income Tax Act. Matter must specifically fall within Block Assessment Scheme for abatement. However, writ dismissed as power under Article 226 not invoked.
The ITAT Bangalore held that cash received as part of sale consideration for immovable property does not automatically attract penalty under Section 271D if reasonable cause is established under Section 273B.
Penalty for delayed filing of tax audit report was quashed after illness of the managing director was proved. The tribunal held that medical incapacity constituted reasonable cause under Section 273B.
The tribunal held that once penalty is imposed for non-maintenance of books, a second penalty for non-audit cannot be levied. Levy of section 271B was held to be impermissible double penalisation.
ITAT held that penalties under sections 271D and 271E cannot survive once the underlying additions are deleted. The ruling confirms that penalties collapse with the quantum.
The dispute concerned late filing of an audit report triggering penalty under section 271B. The Tribunal accepted personal hardship and first-year audit obligation as reasonable cause under section 273B. The decision reinforces relief where delay is genuine and explained.
The assessee claimed that cash deposits belonged to company debtors and past savings, which were not examined earlier. The Tribunal restored the matter to the AO for re-verification in the interest of justice.
