Income Tax : Understand the consequences of an adverse income tax order, including high tax rates, penalties, interest, and steps to appeal or ...
Income Tax : Amendment in the provisions of section 272A of the Act Section 272A of the Act provides for penalty for failure to answer question...
Income Tax : As we all are aware that the TDS return process will consider as incomplete until the Valid TDS certificate has been issued by the...
Income Tax : The penalty provisions of section 272A of the Income Tax Act covers various penalty like failure to answer the questions or failur...
Income Tax : Due Date for downloading and Penalty for non-compliance: Please be advised that under the provisions of section 203 of the Income...
Income Tax : The ITAT held that a penalty under Section 271AAC could not be decided independently when the underlying assessment had already be...
Income Tax : The Tribunal held that the assessee’s delayed appeals warranted condonation in light of an earlier decision on similar facts. Th...
Income Tax : The Tribunal held that penalty under Section 272A(1)(d) could not survive once the Assessing Officer completed assessment under Se...
Income Tax : The Jodhpur ITAT held that penalty under Section 272A(1)(d) could not survive where the Assessing Officer completed scrutiny asses...
Income Tax : Delhi ITAT held that cash deposits during demonetisation cannot be treated as unexplained when supported by prior bank withdrawals...
Hanuman Prasad & Sons Vs DCIT/ACIT/ITO (ITAT Allahabad) In this case assessee has not only replied the notice but also replied to the letter issued by AO. After considering the reply of the assessee, the Assessing Officer framed the assessment under section 143(3) on 28th December, 2019. Once the assessee has made the compliance though […]
Assessee did not appear on the date of hearing and did not furnish any application stating any reasonable cause for not appearing on the given date nor requested any adjournment. Thus, there is a clear violation of provision of Section 131 of the Act and penalty u/s 272A(1)(C) of the Act is attracted.
Suresh Kumar Agarwal Vs JDIT (ITAT Jaipur) ITAT perused materials available& observed that learned CIT (A) erred in upholding the order by the AO, Where the assessee admitted his delay in reply for the notice and delay in complying the summons. Assessee submitted that he was a small business contractor and he was not aware […]
Triumph International Finance India Limited Vs DCIT (ITAT Mumbai) The first appellate authority has rejected the explanation furnished by the assessee for non-compliance of the notice issued under section 142(1) of the Act merely for the reason that during penalty proceedings under section 272A(1)(d) of the Act, the assessee has not stated the reasonable cause. […]
Amendment in the provisions of section 272A of the Act Section 272A of the Act provides for penalty for failure to answer questions, sign statements, furnish information, returns or statements, allow inspections etc. At present, the amount of penalty for failures listed under sub-section (2) of section 272A is one hundred rupees for every day […]
Maharashtra Jeevan Pradhikaran Vs JCIT (ITAT Pune) We have also considered judicial precedents placed on record. In this case penalty has been levied u/s. 272A(2)(k) of the Act due to late filing of TDS statements/returns. However, it is an undisputed fact as admitted by the parties herein, that no loss has been caused to the […]
District Mining Officer Vs JCIT (TDS) (ITAT Allahabad) It is noted that the Assessing Officer has initiated the penalty proceedings u/s 272A(2)(k) of the Income Tax Act for the alleged default of delivering the statement of TDS in Form 26Q within the time specified in section 200(3) read with proviso to section 206(3). In the […]
As we all are aware that the TDS return process will consider as incomplete until the Valid TDS certificate has been issued by the deductor. Now if we focus on the word Valid TDS Certificate, it means Form 16/ Form 16A issued by authenticated authority. As on the current date the TRACES have the authorisation […]
The penalty provisions of section 272A of the Income Tax Act covers various penalty like failure to answer the questions or failure in furnishing several information / returns / statements etc. The provisions of section 272A are taken up and explained in the present article. Applicability of provisions of section 272A of the Income Tax […]
Whether the penalty levied by CIT(A) u/s 272A of the Income Tax Act, 1961 is justified in law? Penalty u/s 272A is not justified for Assessee having exempt income u/s 10(23C).
