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Penalty imposition by assessing officer in a case selected for scrutiny after conducting survey u/s 133A is routine affair. However, times and gains , the Courts have come to rescue the assessee from such routine levy of penalty u/s 271(1)© as it has been ruled by various courts that merely because the return was filed after a survey...
Section 40(a )(ia) of the Income Tax Act provides that in case of non deduction of tax or non deposit of tax deducted at source on any payment which is claimed as allowable expense while computing business income , the expense will be disallowed completely. The Assessing officer also , in many case in a...
Penalty u/s 271(1)© of the Income Tax Act is initiated by assessing officer , usually when he makes addition while computing total income in an assessment proceeding u/s 143(3) .The proceeding u/s 271(1)© is challenged more than the assessment by A.O because while the additions are done on technical grounds , many time , the...
Disallowance u/s 40(a) (ia) is invoked when it is found that assessee has claimed an expenditure which was paid or credited without deduction of TDS . This provision under the income tax act has empowered assessing officer for a technical and procedural disallowance of expenditure while assessing total income . In recent times, following two...
Delhi High Court in a very recent judgment on penalty proceeding in Commissioner of Income Tax versus Brahmaputra Consortium Ltd held on facts of the case that merely an inaccurate claim by an assessee will not be sufficient reason for imposing penalty u/.s 271(1) © . The fact of the penalty case The assessee made...
Form 15G or 15H are declaration for individual residents and HUF that they have neither taxable … [Read More...]
PAN and TAN applications require you to fill up the the jurisdiction in which the applicant is … [Read More...]
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