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 .

penalty

Penalty:Supreme Court Sets 4 Major Principles !

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...

Tax Audit Report Can be Signed on 30Th September !

The specified date for filing tax return u/s 139(1) for those assessees who have to obtain tax audit under section 44AB is 30th September....

No Penalty u/s 271(1)(c) For Addition u/s 50C : Kolkata HC & 5 Tribunals

While the scope of addition to total income u/s 50C is wide and now happing very frequently,. various courts are  consistently holding that the...

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
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