Income Tax : A summary of key penalties under the Income Tax Act for AY 2026-27, covering defaults from late filing and non-payment to misrepor...
Income Tax : Simplified penalty timelines under Section 275 effective April 2025, including changes in penalty powers, omissions, and clarifica...
Income Tax : Income Tax Act amendments propose penalties by Assessing Officers instead of Joint Commissioners. Omission of section 271BB and ch...
Income Tax : ITAT upholds penalty against taxpayer for cash repayment of loans, contravening Section 269T of Income-tax Act. Explore implicatio...
Income Tax : Explore the impact of Income Tax Sections 269SS, 269ST, 269SU, and 269T on transactions via Journal/Book Entries. Learn about legi...
Income Tax : The Hyderabad ITAT held that only the actual period lost during the limitation period can be excluded under Explanation-1 to Secti...
Income Tax : The Telangana High Court set aside a penalty under Section 271D after finding that the assessment order contained no recorded sati...
Income Tax : ITAT Delhi held that levy of penalty under Section 271D requires pending or completed assessment proceedings containing findings o...
Income Tax : The ITAT held that unverified third-party excel sheets without corroborative evidence cannot justify additions under Sections 69 o...
Income Tax : The ITAT ruled that penalty proceedings under Section 271D are invalid if the Assessing Officer fails to record satisfaction in as...
Income Tax : It is a settled position that period of limitation of penalty proceedings under section 271D and 271E of the Act is governed by th...
Income Tax : It has been brought to notice of CBDT that there are conflicting interpretations of various High Courts on the issue whether the l...
Rajendra Kumar Mishra vs. ACIT case: ITAT Kolkata directs re-evaluation as AO misinterpreted PCIT’s orders on loan payments.
ITAT upholds penalty against taxpayer for cash repayment of loans, contravening Section 269T of Income-tax Act. Explore implications and alternatives.
Explore the case of DCIT Vs Platinum Towers Pvt. Ltd. (ITAT Delhi) regarding personal expenses treated as income, penalties under Section 269SS, and conclusions on the matter.
Explore the impact of Income Tax Sections 269SS, 269ST, 269SU, and 269T on transactions via Journal/Book Entries. Learn about legislative framework, judicial interpretations, and penalties.
ITAT Delhi cancels penalty imposed under section 271E of the Income Tax Act on Pawan Kumar for loan repayment via bank transfer, challenging jurisdiction and citing legal grounds. Full text of the order included.
Sunil Dandriyal vs JCIT case underscores significance of understanding the correct starting point for calculating the time limit for penalty proceedings under Section 271D of the Income Tax Act. The decision reinforces the principle that the initiation of penalty proceedings by the AO, rather than the issuance of a show-cause notice by the JCIT, triggers the commencement of the statutory time limit.
Delhi High Court ruling on PCIT vs. Thapar Homes Ltd. emphasizes issuing notices under Section 274 before the Income Tax Act’s limitation period. Full judgment analysis.
ITAT Chennai held that there is no violation of provisions of section 269SS when all sale deeds were registered and cash payment was made at one go before the sub-registrar at the time of registration of sale deeds of plots. Hence, penalty u/s 271D not leviable.
Explore provisions and penalties in the Income Tax Act 1961 regarding cash transactions. Understand limits for loans, deposits, and repayments to avoid penalties.
Madras High Court, in the case of Anamallais Bus Transports P Ltd vs. PCIT, has prima facie set aside penalty proceedings under Section 271-E of the Income Tax Act. This article explores the court’s view, emphasizing no cash transactions and directing the Appellate Authority to review the appeal without pre-deposit.
