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Income Tax - Apart from penalty for various defaults, the Income-tax Act also contains provisions for launching prosecution proceedings against the taxpayers for various offences. In this part you can gain knowledge about the various provisions relating to prosecution which can be launched under the Income-tax Act....
Read MoreIncome Tax - Apart from levy of penalty for various defaults by the taxpayer, the Income-tax Law also contains provisions for launching prosecution for offences committed by the taxpayer. In this part you can gain knowledge about offences in respect of which prosecutions can be launched under the Income-tax Law....
Read MoreIncome Tax - In the tutorial on Penalties Under the Income-tax Act, we discussed various penalties imposable under the Income-tax Act in respect of various defaults. Apart from enacting penalty provisions...
Read MoreIncome Tax - Under the Income-tax Act, penalties are levied for various defaults committed by the taxpayer. Some of the penalties are mandatory and a few are at the discretion of the tax authorities. In this part, you can gain knowledge about the provisions relating to various penalties leviable under the Income-tax Act....
Read MoreIncome Tax - Penalties and Prosecutions Default in complying with provisions of or with conditions prescribed under the Income-tax Act would attract certain penalty and in critical cases prosecutions as well. The document will provide you information about the punishable offences, prosecutions and the quantum of penalties that can be imposed under the...
Read MoreAshok Kumar Bagaria Vs JCIT (ITAT Kolkata) - Since assessee had given reasonable cause for availing loan in cash from his father within the meaning of section 271D, therefore, he would be out of the rigours of levy of penalty under section 271D and no penalty could be levied....
Read MoreShri Sanmathi Ambanna Vs JCIT (ITAT Bangalore) - Shri Sanmathi Ambanna Vs JCIT (ITAT Bangalore) In penalty proceedings, the assessee, inter alia, submitted that the transactions in question cannot be strictly construed as loan but rather are in the nature of gifts from his father-in-law Shri. G. P. Padmakumar because of the fact that the person gi...
Read MoreSonia Malik Vs JCIT (ITAT Delhi) - In the instant case, has received cash loan from her parents and brother to meet the stamp duty cost for purchase of a house property for her own living, therefore, I am of the considered opinion that it is not a fit case for levy of penalty u/s 271D of the Act and the provisions of section 273B wil...
Read MoreM/s. Space N Place Promoters P. Ltd. Vs. JCIT (ITAT Chennai) - Penalty u/s 271D could not be imposed on assessee for advances against sale of flats and cash receipts received from the promoters through their respective current accounts as nothing had been brought on record by Revenue to show that the receipts were superfluous in nature and not for the busines...
Read MoreM/s. P.R. Associates Vs ACIT (ITAT Pune) - M/s. P.R. Associates Vs ACIT (ITAT Pune) We find that the assessee specifically submitted before the AO during the course of penalty proceedings, which fact has also been captured in the penalty order, that its business was inoperative for the last 7 years and it had already borrowed loans from Shre...
Read MoreCircular No. 10/2016-Income Tax - (26/04/2016) - It is a settled position that period of limitation of penalty proceedings under section 271D and 271E of the Act is governed by the provisions of section 275(1)(c) of the Act. Therefore, the limitation period for the imposition of penalty under these provisions would be the expiry of the financial y...
Read MoreCircular No. 09/DV/2016 (Departmental View) - (26/04/2016) - It has been brought to notice of CBDT that there are conflicting interpretations of various High Courts on the issue whether the limitation for imposition of penalty under sections 271D and 271E of the Income tax Act, 1961commences at the level of the Assessing Officer (below the rank of Joint Commi...
Read MoreAshok Kumar Bagaria Vs JCIT (ITAT Kolkata) -
Shri Sanmathi Ambanna Vs JCIT (ITAT Bangalore) -
Sonia Malik Vs JCIT (ITAT Delhi) -
M/s. Space N Place Promoters P. Ltd. Vs. JCIT (ITAT Chennai) -
