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Income Tax Penalty

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...

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

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

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

Income Tax Penalty cannot be Imposed Unless Assessee Obliged in Law, Either acted deliberately in...

Penalty cannot be solely based on Addition without proving Concealment: ITAT [Read Order]

The Income Tax Appellate Tribunal, Jaipur bench has held that the penalty under section 271(1)(c) of the Income Tax Act, 1961 cannot be solely based on the addition without proving the two...

Assessee failed to comply with S. 142(1) Notice & Consent Form for alleged holding of Swiss Bank Account: Delhi HC upholds Income Tax Penalty [Read Order]

A division bench of the Delhi High Court, holding that no Prejudice would be caused if the assessee complies with section 142(1) notice and the Consent Form for the alleged holding of the Swiss Bank...

Bonafide Mistakes during Initial Year of Income Tax E-Assessment can be Ignored: ITAT deletes Income Tax Penalty [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai bench, while quashing a penalty order under section 272A(1)(d) of the Income Tax Act, 1961 held that the year, 2019 being the initial year of shift...

Bonafide Deduction Claim does not attract Income Tax Penalty: ITAT [Read Order]

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

Payment to SEBI under Consent Order is Business Expenditure: ITAT deletes Penalty [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ), while deleting a penalty order, has held that the payments made to the Securities Exchange Board of India (SEBI) under a Consent Order...

No Penalty for Cash Payment made out of Money from Unorganized Finance Sector due to Insistence of Lenders: ITAT [Read Order]

The Pune bench of the Income Tax Appellate Tribunal (ITAT) has held that no penalty under section 271D of the Income Tax Act can be levied for cash transactions above the permitted limit if such...

Non-Filing of TDS Statement would attract Late Fee & Rs. 1 Lakh Penalty: CBDT

The Central Board of Direct Taxes ( CBDT ), the apex body of direct taxes, issued an advisory to taxpayers, directing them to file their TDS statements within time failing which they would invite a...

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