Penalty

There are various penalty provision under Income Tax Act -starting from for late filing or non filing of tax return or tax audit report or concealment of income or non reply of various notices u/s 142 or section 133(6) or section 131 of the Income Tax Act .

One Legal Way to Get Penalty u/s. 271(1)(c) dropped or Waived !

Penalty proceeding initiation u/s. 271(1)(c) is a routine exercised for assessing officer.  In many cases, where there is not even satisfaction about initiation of...
penalty

SC: No Concealment Penalty if Total Income Assessed u/s 115JB

When the total income is determined u/s 115JB of the Income Tax Act , penalty proceeding u/s 271(1)© can not be imposed . The...
penalty

Penalty u/s 271(1)(c) For Non Deduction of Tax is Unfair & Unjustified

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...

Delhi HC: Penalty U/s 271(1 )(c ) is Not Automatic For Inaccurate Claim by...

Delhi High Court in a very recent judgment on penalty proceeding in Commissioner of Income Tax versus Brahmaputra Consortium Ltd held on facts of...

Can penalty u/s 271(1)© be imposed in case of loss is treated as speculative...

It is common practice among assessing officers to initiate penalty proceeding u/s 271(1)© of the Income Tax Act in case he or she...

How to get penalty proceedings u/s 271(1)(c) dropped ?

Penalty proceeding u/s 271(1)(c) is initiated in a very routine manner by Assessing Officer while disallowing any expenditure or claim. The higher appellate authorities...

Landmark Judgment by Supreme Court On Penalty u/s 271(1)(c) in Favour Of...

Very recent judgment of Supreme Court in CIT vs Reliance Petroproducts Pvt Ltd delivered on 17/3/2010, is a great relief to taxpayers as it has cleared the confusion in minds of Authorities regarding the imposistion of penalty. In fact the decision of Apex Court in Dharmendra Textile embolden Authorities to the extent that penalty proceeding

Am I Laible To Penalty u/s 269SS if I Receive Loans from Several Person...

As per the I.T. Act the aggregate amount of loan taken in cash should not exceed 20,000/-. This aggregate amount means total amount from...

Can Penlaty U/s 271B Be Imposed For Not Showing Short Term Capital Gains?

Can an A.O. IMPOSE A PENALTY on not showinng a short term capital gains in return filed for a.y. 2006-2007 u/s 271B. The assessee...

Do Section 269 SS Apply If Wife Receives Loan From Husband in Cash Exceeding...

In current financial year if I have received Rs  1 lakh in cash from my husband with consideration that I will pay this amount...