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 : This article outlines major penalties under the Income-tax Act for defaults involving tax payments, return filing, TDS compliance,...
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 : 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...
Income Tax : The issue was whether delay in filing appeal without strong documentary proof should be condoned. The ITAT held that when sufficie...
Income Tax : The issue involved arbitrary estimation of income at 20% and 5% of turnover. The Tribunal reduced it to 4% due to lack of supporti...
ITAT Cochin deletes penalty under Section 271B for delayed tax audit, citing the demise of the managing partner as a reasonable cause and following Kerala HC precedent.
Provisions of Section 44AB, which mandate Tax audit, are not applicable to fictional income provisions like Section section 68, 69, 69A, 69B, 69C& 69D
ITAT Bangalore set aside penalty orders under Section 271B due to improper notice delivery to an unrelated email ID and failure to provide adequate response time.
ITAT Bangalore held that penalty order under section 272A(2)(e) of the Income Tax Act has to be passed within reasonable time. Since, the penalty order is not passed within reasonable time, the same is liable to be quashed.
ITAT Surat remands penalty case under Section 271B to AO, ruling that bank transactions alone cannot determine turnover. Fresh consideration ordered.
Aggrieved by the order passed by AO, assessee moved on with an appeal to CIT(A), where assessee challenged the reopening of the assessment, arguing that Section 148 was not justified.
ITAT Bangalore held that penalty under section 271B of the Income Tax Act for delay in uploading audit report set aside as reasonable cause shown and there was only technical breach without any loss to exchequer of the Government.
ITAT Agra held that confirming penalty under section 271B of the Income Tax Act before finalization of quantum assessment is unjust and unfair. Accordingly, matter restored back to CIT(A) for fresh adjudication.
Kerala High Court held that issuance of notice for imposition of penalty under section 271B for failure to furnish audit report after more than four years of completion of assessment is barred by limitation as per section 275(1)(c) of the Income Tax Act.
ITAT Pune quashes ₹1,50,000 penalty u/s 271B, citing reasonable cause for delayed tax audit due to impounded records and auditor unavailability.
