Attention to Foreign Assets Holders: Failure to Disclose FA and FSI in ITR attracts Rs. 10 Lakh Penalty
The Income Tax Department has issued a reminder regarding the penalties associated with failing to disclose Foreign Assets and Foreign Sources of...
![Penalty proceeding u/s 271A of Income Tax Act cant be initiated on Proper maintenance of Books of Account: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/No-Penalty-Assessee-Proves-Reasonable-cause-Delay-Filing-Books-Account-Income-Tax-Act-ITAT-TAXSCAN-1.jpg "Penalty proceeding u/s 271A of Income Tax Act cant be initiated on Proper maintenance of Books of Account: ITAT [Read Order]")
![ITAT Upholds Levy of Penalty u/s 271(1)(c) of Income Tax Act on ground of Furnishing Inaccurate Particulars of Income [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/penalty-levy-section-2711c-of-Income-Tax-Act-upheld-itat-taxscan.jpg "ITAT Upholds Levy of Penalty u/s 271(1)(c) of Income Tax Act on ground of Furnishing Inaccurate Particulars of Income [Read Order]")
![Non- maintenance of books of account implies no audit of account done: ITAT deletes penalty for u/s 271B [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/Non-maintenance-Books-of-account-Audit-of-account-ITAT-Delets-penalty-taxscan.jpg "Non- maintenance of books of account implies no audit of account done: ITAT deletes penalty for u/s 271B [Read Order]")
Income surrendered during Search and Seizure cannot be treated as 'Undisclosed': ITAT deletes Penalty u/s 271AAB of Income Tax Act [Read Order]
The Jaipur bench of the Income Tax Appellate Tribunal (ITAT) held that income surrendered during search and seizure cannot be treated as an undisclosed, deleted penalty under Section 271AAB of the...
![Income surrendered during Search and Seizure cannot be treated as Undisclosed: ITAT deletes Penalty u/s 271AAB of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/Income-surrendered-during-Search-and-seizure-cannot-be-treated-as-Undisclosed-ITAT-deletes-Penalty-Income-Tax-Act-TAXSCAN.jpg "Income surrendered during Search and Seizure cannot be treated as Undisclosed: ITAT deletes Penalty u/s 271AAB of Income Tax Act [Read Order]")
No penalty shall be levied on profit rate of 8% estimated upon Gross Receipts as per provision of S. 44AD of Income Tax Act: ITAT
The Income Tax Appellate Tribunal (ITAT) Chandigarh Bench ruled that no penalty should be levied on profit rate of 8% estimated upon gross receipts as per provision of Section 44AD of Income Tax Act,...
![Penalty under Customs Act not Invokable in absence of Evidence on Tax Evasion: CESTAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/Penalty-under-Customs-Act-absence-of-Evidence-on-Tax-Evasion-Evidence-Tax-Evasion-CESTAT-taxscan.jpg "Penalty under Customs Act not Invokable in absence of Evidence on Tax Evasion: CESTAT [Read Order]")
CESTAT Quashes Penalty for Non Payment of Service Tax on ground of Wrongful Categorisation of Service Rendered as ‘Franchise Service’ [Read Order]
The Bangalore bench of the Custom, Excise, and Service Tax Appellate Tribunal (CESTAT) quashed the penalty imposed for the nonpayment of service tax on the ground of wrongful categorization of...
![CESTAT Quashes Penalty for Non Payment of Service Tax on ground of Wrongful Categorisation of Service Rendered as ‘Franchise Service’ [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/CESTAT-quash-penalty-impose-service-render-assessee-franchise-service-taxscan.jpg "CESTAT Quashes Penalty for Non Payment of Service Tax on ground of Wrongful Categorisation of Service Rendered as ‘Franchise Service’ [Read Order]")
CESTAT Quashes Penalty Imposed for Non Payment of Service Tax on Commercial or Industrial Construction Service on ground of Barred by Limitation [Read Order]
The Chandigarh bench of the Custom, Excise, and Service Tax Appellate Tribunal (CESTAT) quashed the penalty imposed for the non-payment of service tax on the commercial or industrial construction...
![CESTAT Quashes Penalty Imposed for Non Payment of Service Tax on Commercial or Industrial Construction Service on ground of Barred by Limitation [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/Penalty-CESTAT-Quash-commercial-industrial-service-service-tax-taxscan.jpg "CESTAT Quashes Penalty Imposed for Non Payment of Service Tax on Commercial or Industrial Construction Service on ground of Barred by Limitation [Read Order]")
Goods are Not Liable for Confiscation Even if Bulk Package Did not Contain Details of Manufacturer u/s 2 (v) of PFA Act : CESTAT [Read Order]
The Chennai bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) held that the goods are not liable for confiscation even if the bulk packages did not contain any details of the...
![Goods are Not Liable for Confiscation Even if Bulk Package Did not Contain Details of Manufacturer u/s 2 (v) of PFA Act : CESTAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/Goods-are-Not-Liable-for-Confiscation-Even-if-Bulk-Package-Did-not-Contain-Details-of-Manufacturer-PFA-Act-CESTAT-TAXSCAN-1.jpg "Goods are Not Liable for Confiscation Even if Bulk Package Did not Contain Details of Manufacturer u/s 2 (v) of PFA Act : CESTAT [Read Order]")
No penalty can be Imposed when Entire Service Tax Discharged Along with Interest before Issuance of SCN u/s 78 of Finance Act: CESTAT [Read Order]
The Kolkata bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) held that no penalty can be imposed when the entire service tax discharged along with interest immediately before...
![No penalty can be Imposed when Entire Service Tax Discharged Along with Interest before Issuance of SCN u/s 78 of Finance Act: CESTAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/No-penalty-can-be-Imposed-when-Entire-Service-Tax-Discharged-Along-with-Interest-before-Issuance-of-SCN-Finance-Act-CESTAT-TAXSCAN.jpg "No penalty can be Imposed when Entire Service Tax Discharged Along with Interest before Issuance of SCN u/s 78 of Finance Act: CESTAT [Read Order]")