The Income Tax Appellate Tribunal (ITAT), Mumbai Bench deleted the penalty imposed by the Assessing Officer (AO) against M/s Balaji Telefilms on grounds of non-specific charges. The AO initiated the penalty against the assessee, M/s...
The Income Tax Appellate Tribunal (ITAT), Mumbai Bench confirmed the deletion of penalty against ICICI Bank. The assessee, ICICI Bank was engaged in the business of share and stockbroking including depository operations and proprietary trading...
The Gujarat High Court held that the Application for provisional release of goods seized upon execution of a bond and furnishing of a security under section 67(6) can be preferred only after filing an appeal....
The National Anti-Profiteering Authority (NAA) has found M/s Pinky Sales guilty of profiteering by not reducing prices in respect of the supply of footwear despite reduction in the goods and services tax (GST) rate from...
The National Anti-Profiteering Authority(NAA) has found Inox Leisure guilty of profiteering by not reducing prices in respect of the supply of ‘Services by way of admission to exhibition of cinematography films where the price of...
The National Anti-Profiteering Authority (NAA) found M/s Nani Resorts & Floriculture Private Limited guilty of profiteering but did not impose the penalty for denying the benefit of Input Tax Credit (ITC) to Flat Buyers as...
The National Anti-Profiteering Authority (NAA) found M/s Horizon Projects Pvt. Ltd. guilty of profiteering but did not impose the penalty for denying the benefit of Input Tax Credit (ITC) as no penalty provisions existed when...
The National Anti-Profiteering Authority (NAA) found M/s VTWO Ventures guilty of profiteering but did not impose the penalty for denying the benefit of Input Tax Credit (ITC) as no penalty provisions existed when the ITC...
The National Anti-Profiteering Authority (NAA) found M/s Puri Construction Private Limited guilty of profiteering but did not impose the penalty for denying the benefit of Input Tax Credit (ITC) to Flat Buyers as no penalty...
The Central Board of Indirect Taxes and Customs (CBIC) on Monday notified new regulations under customs for manufacture and other operations in bonded warehouses. The new regulations include the Manufacture and Other Operations in Special...
The Income Tax Appellate Tribunal (ITAT), Delhi Bench has quashed the levy of penalty by Assessing Officer (AO) for not auditing books of accounts/ furnishing reports of the audit of books of accounts on the...
The Pune bench of the Income Tax Appellate Tribunal (ITAT) has held that no penalty under section 271F of the Income Tax Act, 1961 is leviable since the assessee was under an impression that the...
The Income Tax Appellate Tribunal (ITAT), Mumbai Bench, in its recent order quashed the penalty of Rs.2.26 Crores against Flemingo Travel Retail Limited. The assessee company, M/s Flemingo Travel Retail Limited is engaged in the...
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that the penalty cannot be imposed if the assessee has disclosed full and true material facts for assessment. The income tax return filed...
der]The Kolkata bench of ITAT has recently held that penalty under section 271(1)(c) of the Income Tax Act, 1961 cannot be levied in the case where the assessee surrendered the income voluntarily during the course...
The National Anti-Profiteering Authority (NAA) found M/s Gaurav Sharma Food Industry denied the benefit of tax reduction to consumers and imposed penalty and directed the respondent to deposit the profiteered amount to the Consumer Welfare...
The Andhra Pradesh Authority of Advance Ruling (AAR) ruled that 12% of GST is applicable on interest/penalty collected for the delay in payment of monthly subscription by the members of the chit fund company. The...
The High Court of Delhi stayed the Insolvency and Bankruptcy Board of India (IBBI) order imposing the penalty on the Mack Soft Tech Resolution Professional. Stay is subject to Mohan Lal Jain making a deposit...
The High Court of Gujarat denied interfering with the impugned show cause notice issued by the authority under Section 130 of the CGST Act, however, it noted that Tobacco products are likely to get damaged...
The Bombay High Court held that making a wrong claim is not at par with concealment or giving inaccurate information which may call for levy of penalty under Section 271(1)(c) of the Income Tax Act,...
The Government of Bihar has extended the “Bihar Settlement of Taxation Disputes Act, 2019″ for a period of 3 months. The Governor of Bihar empowered under sub-section (3) of Section 1 of The Bihar Settlement...
© 2020 Taxscan | Simplifying Tax Laws