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Income 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 MoreIncome Tax - In the Article 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, the Income-tax Act also designed provisions empowering the Principal Commissioner of Income-tax or Commissioner of Income-tax to grant relief from p...
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 - In Addition to penalty for various defaults, the Income-tax Act,1961 also contains provisions for launching prosecution proceedings against the taxpayers for various offences. This Article explains about the various provisions relating to prosecution which can be launched under the Income-tax Act,...
Read MoreIncome Tax - In addition to levy of penalty for various defaults by the taxpayer, the Income-tax Act,1961 also contains provisions for initiating prosecution for offences committed by the taxpayer. In this article you will know about offences in respect of which prosecutions can be launched under the Income-tax Law. ...
Read MorePr. CIT Vs Tehal Singh Khara & Sons (Punjab and Haryana High Court) - Punjab and Haryana High Court held in the case of Pr. CIT Vs Tehal Singh Khara & Sons that Penalty under section 271D of Income Tax Act, 1961 not justified for Contravention of section 269SS if assessee had given reasonable cause for entering into the cash transactions, as creditors from whom th...
Read MoreThe A.P. Dairy Development Vs Dy. Commissioner of Income (ITAI Hyderabad) - Brief facts of the case are that the assessee filed the return of income on the basis of the provisional accounts audited by a Chartered Accountant but did not file the audited accounts. The AO, therefore, issued a notice u/s 271D for levy of penalty for non filing of the audit report. The assessee ...
Read MoreCIT Vs Hissaria Brothers (Supreme Court of India) - Penalty proceedings for default in not having transactions through the bank as required under Sections 269SS and 269T are not related to the assessment proceeding but are independent of it....
Read MoreGlobal Realty Heritage Venture (Cochin) (P.) Ltd., Vs Addl. CIT (ITAT Delhi) - Global Realty Heritage Venture (Cochin) (P.) Ltd., vs Addl. CIT (ITAT Delhi) In the absence of any such evidence the plea of bonafide belief in the peculiar circumstances cannot be discarded. It is seen that the assessee has consistently canvassed that there was a bonafide belief that the amount tak...
Read MoreGrihalakhsmi Vision Vs Additional CIT (Kerala High Court at Ernakulam) - The Hon'ble Kerala High Court in the case of Grihalakshmi Vision held that the penalty proceeding under Sec 271D and 271E can be initiated by Joint commissioner only and the limitation period of six months to be reckoned from the end of month of initiation of penalty proceedings by Joint ...
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 MorePr. CIT Vs Tehal Singh Khara & Sons (Punjab and Haryana High Court) -
The A.P. Dairy Development Vs Dy. Commissioner of Income (ITAI Hyderabad) -
CIT Vs Hissaria Brothers (Supreme Court of India) -
Circular No. 10/2016-Income Tax - (26/04/2016) -
Circular No. 09/DV/2016 (Departmental View) - (26/04/2016) -
