When Quantum Addition deleted, Consequent Penalty can’t Survive: ITAT [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that when the quantum addition is deleted by the appellate authorities, the penalty levied under Section 271(1)(c) of the Income Tax Act, 1961...

Mere Change in ‘Heads of Income’ won’t attract Penalty: ITAT [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) has held that a mere change in the heads of income would not attract penalty under the Income Tax Act, 1961. The assessee...

No Penalty on the basis of Addition of Notional Income from House Property: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai bench has held that the penalty under section 271(1)(c) of the Income Tax Act cannot be levied on the basis of the addition made in respect of notional...

Amount kept in Impress Account can’t be treated as ‘Business Advance’: ITAT deletes Penalty [Read Order]

While deleting a penalty order, the Income Tax Appellate Tribunal ( ITAT ), Chandigarh has held that the amount kept in the impress account cannot be treated as ‘business advance’ for the purpose of section...

No Penalty since Assessee surrendered Additional Income and paid Due Taxes: ITAT [Read Order]

The New Delhi bench of Income Tax Appellate Tribunal ( ITAT ) has ruled that the penalty cannot be levied since Assessee surrendered additional income and paid all the tax dues. The Assessee, an individual...

Assessee can’t be Penalized for Wrong Statement given by Payee: ITAT [Read Order]

A Division bench of the Indore ITAT including Judicial Member Kul Bharat and Accountant Member Manish Borad ruled that assessee cannot be penalized merely based on wrong statement given by payee. In instant case Assessee...

Both Managing Director and Director are Equally responsible to file IT returns of Company: Delhi High Court [Read Judgment]

The Delhi High Court has held that both the Managing Director and the Directors of the Company are responsible to file the income tax returns of the Company under the provisions of the Income Tax...

CESTAT deletes Penalty since Delay in Payment of Service Tax was due to Financial Crunch [Read Order]

The Chennai bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has deleted the penalty order passed against a Company by holding that the delay in paying the service tax by them was...

When Validly Revised Return filed pursuant to notice u/s 153A, is accepted, Defects found in Original Return cannot be considered for Imposing Penalty: ITAT [Read Order]

The New Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) in M/s OSE Infrastructure Ltd. Versus ACIT, held that when a revised return is accepted as per issue of notice under section...

Penalty can’t be levied on a Bonafide Dealer for purchasing Goods from Dealer whose VAT Registration was subsequently Cancelled: Allahabad HC [Read Order]

The Allahabad High Court has recently held that a bonafide dealer cannot be punished for making purchases with a dealer whose registration was subsequently cancelled by the department under the UP Value Added Tax Act....

CESTAT drops Penalty since Non-payment of Service Tax was due illness of Mother of Partner [Read Order]

The Bangalore bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has dropped the penalty proceedings since the service tax was not paid by the assessee due to the illness of the mother...

Allahabad HC quashes Penalty Orders for Goods Transported without E-Way Bill before 1st April [Read Judgment]

A Division Bench of Allahabad High Court, while allowing a bunch of petitions has set aside the departmental orders imposing the penalty against the traders for not bringing the E-Way bill for transportation of goods...

GST Evasion: Rs. 32 Cr Penalty Levied on Punjab-based Firm

A Punjab- based Firm, Adarsh Farm Services, Malout, a division of United Phosphorus Limited (UPL) was asked to pay the penalty of Rs 32.28 crore for alleged GST Evasion under the Punjab Goods and Services...

NAA imposes Penalty on Builder for not passing GST Benefit to Flat Buyers [Read Order]

While hearing applications filed by 109 home buyers, the National Anti-profiteering Authority (NAA) has imposed the penalty on a builder for not passing the benefit of Input Tax Credit (ITC) to the Applicants in respect...

No Penalty since Assessee surrendered Income during Assessment Proceedings: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi bench has held that penalty under Section 271AAA of the Income Tax Act, 1961 cannot be levied if assessee surrendered the income during the course of assessment proceedings....

Bonafide Human Errors should be demonstrated with Circumstantial Evidence: ITAT upholds Penalty [Read Order]

While dismissing an appeal filed by Swift Knit Pvt.Ltd, the Income Tax Appellate Tribunal (ITAT) Ahmedabad bench has held that in order to avoid penalty under section 271(1)(c) of the Income Tax Act, the assessee...

Penalty for ITC Claim: GST Dept’s Insensitive Move to Affect Kerala Traders after Flood [Read Letter]

In a major setback to the flood-affected business community in Kerala, the GST department may send notice to the manufactures, stockists, retailers and shopkeepers if they have claimed input tax credit under goods and services...

CCI decides another Lesser Penalty case in respect of Cartelisation in Indian Zinc-Carbon Dry Cell Batteries Market [Read Order]

The Competition Commission of India ( CCI ) passed a final order imposing penalty on Panasonic Energy India Co. Limited and Geep Industries (India) Private Limited for colluding to fix prices of zinc-carbon dry cell...

Payment of Tax before issue of SCN not a bar to Impose Penalty: Delhi HC [Read Judgment]

A division bench of the Delhi High Court has held that the payment of tax amount before the issuance of the show cause notice would not absolve the assessee from imposing penalty under the provisions...

Penalty won’t attract for Genuine Cash Transactions: ITAT [Read Order]

The Hyderabad bench of the Income Tax Appellate Tribunal (ITAT) has held that the penalty for cash transactions cannot be imposed on genuine transactions. In the instant case, the Assessing Officer initiated penalty proceedings under...

Upholding ‘Cartelization’ and resulting penalty of INR 6,700 cr to 11 cement companies: NCLAT dismisses Cement Companies’ appeal [Read Order]

The New Delhi Bench of the National Company Law Appellate Tribunal ( NCLAT ) in the case of Ambuja Cements Ltd & Ors. v. Competition Commission of India & Ors vide its judgment dated July 25,...