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Income Tax Penalty

'Bonafide- Silly Mistakes' in Tax Audit Report would not attract Income Tax penalty: ITAT [Read Order]

Taxscan Team

The Income Tax Appellate Tribunal (ITAT), Ahmedabad bench has held that bonafide and silly mistakes in the tax audit report would not result into...

Genuineness of Cash Sales cannot be Proved Merely on ground of Acceptance by VAT Authorities:...

Set Off of Business Loss by Showing Bogus Transactions: ITAT upholds Income Tax Penalty [Read Order]

ITAT Weekly Round-Up

Mere existence of Addition on Income during Assessment Proceedings does not attract Income Tax...

Income Tax Penalty Notice does not specify under which limb of section 271(1)(c) the Penalty proceedings had been initiated: ITAT quashes Proceedings [Read Order]

The Income Tax Appellate Tribunal (ITAT), Raipur bench consisting of Ravish Sood, Judicial Member, and Rathod Kamlesh Jayantbhai, Accountant Member quashed the proceedings on the ground that Income...

Income Tax Penalty cannot be levied on Voluntarily Surrendered Income during Survey: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Pune bench has held that the income tax penalty under section 271(1)(c) of the Income Tax Act, 1961 cannot be levied on assessee since he surrendered the...

Oversight to submit Form 16 cannot attract Tax Penalty: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Pune bench comprising Shri Inturi Rama Rao, Accountant Member And Shri S.S. Viswanethra Ravi, Judicial Member has held that an oversight to submit the...

Income Tax Penalty not leviable in the Absence of Specific Charge against Assessee: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Chennai bench comprising Shri Mahavir Singh, Vice President and Shri Manoj Kumar Aggarwal, AM has held that the income tax penalty levied under section...

Income Tax Penalty u/s 271E cannot be levied in the absence of Regular Assessment: ITAT [Read Order]

The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) has held that the income tax penalty under section 271E of the Income Tax Act, 1961 cannot be levied in the absence of a regular...

Income Tax Penalty cannot be imposed for Claim of Expenditure due to Wrong Professional Advice: ITAT

The Bangalore bench of the Income Tax Appellate Tribunal (ITAT) has held that the income tax penalty under section 271(1) of the Income Tax Act, 1961 cannot be imposed for the claim of expenditure...

ITAT deletes Income Tax Penalty on Air India Subsidiary [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has deleted the penalty under section 271B of the Income Tax Act, 1961 against Air India Air Transport Services Ltd, a subsidiary of Air...

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