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 Mumbai held that exclusion of comparables for the reason that those companies are loss making or low profit making is not correct. Accordingly, TPO directed to include these comparables and re-compute the Arm’s Length Price (ALP).
Kerala High Court instructs prompt consideration of stay application in tax dispute involving non-filing of income return under Section 139 of Income Tax Act.
Explore recent ITAT judgment in Rakesh Kr. Jha vs. ITO, delving into interpretation of Sections 271A and 271B, highlighting conflicting views among High Courts.
ITAT Delhi held that disallowance under section 40A(2)(b) of the Income Tax Act on merely estimating that more income should have been earned from sub-contracting without bringing any comparable figures is unsustainable in law.
Vakrangee Foundation faces a penalty for non-compliance with tax audit provisions under Section 44AB. ITAT rules that Section 2(15) does not exempt charitable institutions.
Madras High Court held that clause (xi) to Explanation to Section 153B of the Income Tax Act relating to the exclusion of the period taken for handing over seized material to the assessing officer is effective prospectively from 01.04.2021. Accordingly, prior assessment years are held to be barred by limitation.
ITAT Jaipur held that penalty under section 271B of the Income Tax Act not leviable as the assessee is eligible to avail the benefit of presumptive taxation up to Rs. 2 Crores as per section 44D of the Income Tax Act.
In a landmark decision, ITAT Mumbai rules in favor of Evermore Polymer Systems Ltd., stating that penalties under Section 271B require a reasonable opportunity to be heard.
ITAT Mumbai ruling on penalty u/s.271B for non-maintenance of books of accounts by an assessee engaged in trading, financing, realty, and commodities business. Analysis of Varadagovind Parthasarthy Iyer vs ITO case.
ITAT Raipur held that cooperative society is entitled for claiming deduction u/s. 80P(2)(d) of the Income Tax Act in respect of dividend received on shares of cooperative banks.
