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Penalty Invalid as Notice did not specify sub-clause of S.270: ITAT Rules in Favour of Bajaj Housing Finance Ltd [Read Order]

The Income Tax Appellate Tribunal (ITAT) has set aside the penalty against Bajaj Housing Finance, holding that such a penalty will be invalid as the...

Mere Change in Head of Loss Does Not Constitute Under-Reporting u/s 270A: ITAT Deletes ₹15.19 Cr...

ITAT Grants Cummins India ₹210 Cr Relief, Deletes ₹12.7 Cr TP Adjustment, Upholds 10AA & 80JJAA...

ITAT Weekly Round-up

Mere Claim of Higher Gratuity Exemption Claim through Revised ITR Does Not Amount to Misreporting:...

AO not competent to pass Draft Assessment Order u/s 144C(1) of Income Tax Act when TPO Makes no Variation: Bombay HC [Read Order]

The Bombay High Court has held that a draft assessment order is not permissible under section 144C(1) of the Income Tax Act when the TPO (transfer pricing officer) makes no variation.Classic Legends...

Mere Disallowance of Capitalized Interest Not Misreporting: ITAT deletes Income Tax Penalty u/s 270A [Read Order]

The Jaipur Bench of the Income Tax Appellate Tribunal (ITAT) has deleted the penalty imposed under section 270A of the Income Tax Act, 1961, and held that mere disallowance of the capitalized ...

Salaried Taxpayer Wins ₹1.46 Lakh Income Tax Penalty Case Despite Misreporting: Here’s How [Read Order]

In a recent ruling, the Pune Bench of the Income Tax Appellate Tribunal (ITAT) provided relief to a salaried taxpayer who was wrongly penalised for underreporting income. The tribunal cancelled a ...

Supreme Court & High Courts Weekly Round-up [ June 28th to July 5th, 2025]

This weekly round-up analytically summarizes the key stories related to the Supreme Court and High Court reported at Taxscan.in during the previous week from June 28th to July 5th, 2025. ...

Income Tax Penalty Notice Not Properly Served Initially, Reminded after 4 Months of its Issuance: Madras HC Directs Decision After Hearing [Read Order]

The High Court of Madras, directed that a decision be made after granting a personal hearing in a case where an income tax penalty notice under Section 270A of the Income Tax Act, 1961, was not...

Think Twice Before Faking Income Tax Deductions: Govt Tightens Penalties and Prosecution

The government has tightened the rules for claiming income tax deductions in Assessment Year (AY) 2025-26 after a large-scale tax fraud was uncovered. A recent investigation by the Income Tax...

ITAT Weekly Round-Up [April 1st-26th]

This weekly round-up analytically summarises the key stories related to the Income Tax Appellate Tribunal (ITAT) reported at Taxscan during this month from April 1st to April 6th 2025 CIT(A)...