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Income Tax Penalty

Income Tax Penalty Cannot Be Levied on Estimated Additions for Alleged Bogus Purchases: Bombay HC [Read Order]

Kavi Priya

In a recent ruling, the Bombay High Court held that income tax penalty cannot be imposed when additions are made only on an estimated basis in cases...

Mere Disallowance of Capitalized Interest Not Misreporting: ITAT deletes Income Tax Penalty u/s 270A...

Income Tax Penalty u/s 271(1)(b) for Multiple Defaults Reduced to One: ITAT Limits Levy to Rs....

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

Deduction Claim on Unpaid Ad-hoc Bonus from AY 1984-85: Bombay HC Quashes ₹12L Income Tax Penalty...

Delhivery Receives ₹1.36 Crore Income Tax Penalty Order

Logistics and supply chain services provider Delhivery Limited has reported that it has received an order under Section 271(1)(c) of the Income Tax Act, 1961, imposing a penalty of Rs. 1,36,95,768....

Recording of satisfaction u/s 271E insufficient for Income Tax Penalty proceedings u/s 271D: Rajasthan HC [Read Order]

In a recent decision, the High Court of Rajasthan has held that recording of satisfaction by DCIT under Section 271E of the Income Tax Act is insufficient for the initiation and imposition of...

No Misreporting in PF and Cess Deduction Claims Made in Good Faith: ITAT quashes 84 Lakhs S.270 Penalty under Income Tax [Read Order]

Recently in a ruling the Income Tax Appellate Tribunal (ITAT) Bangalore quashed an ₹84 lakh penalty imposed on a company for under-reporting income under the Income Tax Act 1961 (ITA), specifically...

ITAT sets aside Penalty u/s 271 (1)(c) as Demonstrates Sufficient Cause for 326 Day Delay in Quantum Appeal and 1 Delay in Penalty Appeal [Read Order]

The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) has set aside the penalty under Section 271(1)(c) of the Income Tax Act, 1961, after the assessee demonstrated "sufficient cause" for...

Non-Participation in GST Proceedings Confirmed Tax Liability with 100% Penalty: Madras HC orders 10% Pre-deposit to Contest [Read Order]

The Madras High Court orders pre-deposit of 10% of the disputed demand to nullify the contested order. The court's decision came in light of the assessee's non-participation in the Goods and Services...

Disallowance of Depreciation Claim on Goodwill: Suzlon Energy Ltd gets slapped with ₹260.35 Cr Income Tax Penalty

Suzlon Energy Ltd, a company dedicated to providing renewable energy solutions, faced a setback recently when it was hit with a hefty penalty of ₹260.35 crore by the National Faceless Assessment...

Non-striking of Irrelevant Matter would Render Income Tax Penalty Notice Defective: ITAT [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal ( ITAT ) recently quashed a pre-drafted penalty notice that included both concealed and inaccurately furnished income particulars. The...