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Advance Tax Alert - Penalty - Section 234C - taxscan

Advance Tax Alert: Missed the March 15 Deadline? Avoid S. 234C Penalty with This Option

Kavi Priya

The advance tax deadline for the fourth and final installment — March 15, 2025 — has come and gone. If you’re a salaried employee who has earned...

Extended Working Hours not a Valid Reason for Assumption of Additional Income as Commission: ITAT...

Additional income surrendered during course of Survey Proceedings shall not be taxed at 60% u/s...

Additional Income cannot be Treated as Unexplained Expenditure to Invoke Section 115BBE of Income...

Additional Income Surrendered before 2nd Amendment to S.115BBE of IT Act chargeable at Ordinary Rate...

Additional Income Disclosed Originated Out of Seized Material: ITAT Upholds Penalty Levied u/s 271(1)(c) [Read Order]

The Income Tax Appellate Tribunal (ITAT), Pune Bench, has recently, in an appeal filed before it, on finding the additional income disclosed and returned in ITR filed under Section 153A, to be...

No Tax Levy u/s 115BBE of IT Act on Additional Income offered by assessee during Survey: ITAT quashes Rectification Order [Read Order]

The Income Tax Appellate Tribunal (ITAT) of Hyderabad bench recently quashed a rectification order filed before it and held that no tax should be levied under Section 115BBE of the Income Tax Act,...

RPC Fee is Additional Income by Formula One, Taxable: ITAT [Read Order]

In a significant ruling, the Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that the Race Promotion Contract (RPC) fee is an additional income by Formula One and is taxable. ...

Additional Income offered as part of Business Income, entitled to Income Tax Deduction u/s 40(b)(v): ITAT [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Bangalore Bench held that Additional income offered as part of business income, entitled to deduction under Section 40(b)(v) of the Income Tax Act, 1961. ...

No Penalty u/s 271 AAA(1) if Assessee offered Undisclosed Income in Statement Recorded u/s 132(4) and Ready to Pay Tax with Interest: ITAT [Read Order]

The Income Tax Appellate Tribunal, Delhi Bench has held that no penalty u/s 271 AAA(1) if assessee offered undisclosed income in statement recorded u/s 132(4) and ready to pay tax with...

Estimated Project Cost Calculated as per provision of Water and Air Act: ITAT upholds Deletion of Additional Income [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal ( ITAT ) has held that estimated project cost calculated as per provision of Water and Air Act and upholds the deletion of Additional income. ...