![Penalty Not Imposable for Non-Submission of Audit Report due to Reasonable Cause u/s 273B of IT Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Penalty-Not-Imposable-for-Non-Submission-of-Audit-Report-due-to-Reasonable-Cause-IT-Act-ITAT-TAXSCAN.jpg "Penalty Not Imposable for Non-Submission of Audit Report due to Reasonable Cause u/s 273B of IT Act: ITAT [Read Order]")
Penalty Not Imposable for Non-Submission of Audit Report due to Reasonable Cause u/s 273B of IT Act: ITAT [Read Order]
The New Delhi bench of the Income Tax Appellate Tribunal(ITAT) held that no penalty shall be imposed for non-submission of audit reports due to...
![Service Tax excess Paid can be adjusted against Succeeding month or Quarter: CESTAT sets aside Penalty Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Service-Tax-CESTAT-Service-Tax-excess-paid-Penalty-Order-taxscan.jpg "Service Tax excess Paid can be adjusted against Succeeding month or Quarter: CESTAT sets aside Penalty Order [Read Order]")
![No Penalty be Imposed in Cases Where “Reasonable Cause” is Successfully Pleaded: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Penalty-Reasonable-Cause-Cases-ITAT-No-Penalty-Taxscan.jpg "No Penalty be Imposed in Cases Where “Reasonable Cause” is Successfully Pleaded: ITAT [Read Order]")
Bonafide Belief of Interest Income on Bank Deposits Eligible for Deduction u/s 80P : ITAT Deletes Penalty u/s 271(1)(c) [Read Order]
The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) has deleted the penalty under Section 271(1)(c) of the Income Tax Act 1961, as the assessee had the bonafide belief of interest income on...
![Bonafide Belief of Interest Income on Bank Deposits Eligible for Deduction u/s 80P : ITAT Deletes Penalty u/s 271(1)(c) [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Interest-Income-on-Bank-Deposits-Interest-Income-Bank-Deposits-Deduction-ITAT-ITAT-Deletes-Penalty-Penalty-taxscan.jpg "Bonafide Belief of Interest Income on Bank Deposits Eligible for Deduction u/s 80P : ITAT Deletes Penalty u/s 271(1)(c) [Read Order]")
Penalty can be Imposed when Income Surrendered During Survey Shown in Regular Income Tax Return filed Within Prescribed Time: ITAT
The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) has held that the penalty could be imposed when the income surrendered during the survey had shown in the regular income-tax return which...
Penalty u/s 11AC not liable in Absence of Fraud, Collusion, Willful Misstatement or Contravention of Provisions of CENVAT Credit Rules
The Kolkata bench of the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) penalty under section 11AC of the Central Excise Act, 1944 is not liable in the absence of fraud, collusion,...
Audit Report not Filed within Stipulated Time Limit as Books not Given to Qualified CA:ITAT Upholds Penalty u/s 271B [Read Order]
The Pune Bench of Income Tax Appellate Tribunal (ITAT) has upheld the penalty under Section 271B of the Income Tax Act 1961 because the audit report was not filed within the stipulated time limit as...
![Audit Report not Filed within Stipulated Time Limit as Books not Given to Qualified CA:ITAT Upholds Penalty u/s 271B [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Audit-Report-Stipulated-Time-Limit-Time-Limit-not-Filed-within-Stipulated-Time-Limit-Books-not-Given-to-Qualified-CA-CA-Books-Qualified-CA-ITAT-Penalty-taxscan.jpg "Audit Report not Filed within Stipulated Time Limit as Books not Given to Qualified CA:ITAT Upholds Penalty u/s 271B [Read Order]")
No Penalty u/s 271AAA on Surrendered Income without Statement recorded under Income Tax Act: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Delhi bench has held that penalty under Section 271AAA of the Income Tax Act, 1961 shall not be attracted on the income surrendered by the assessee if the...
![No Penalty u/s 271AAA on Surrendered Income without Statement recorded under Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Penalty-No-Penalty-Surrendered-Income-Surrendered-Income-without-Statement-recorded-under-Income-Tax-Act-Income-Tax-Act-Income-Tax-Tax-ITAT-taxscan.jpg "No Penalty u/s 271AAA on Surrendered Income without Statement recorded under Income Tax Act: ITAT [Read Order]")
Penalty u/s 271(1)(c) Cannot be Imposed when Income Determined on Estimate Basis: ITAT [Read Order]
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has held that the penalty under Section 271(1)(c) of the Income Tax Act could not be imposed when income has been determined on an estimated...
![Penalty u/s 271(1)(c) Cannot be Imposed when Income Determined on Estimate Basis: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Penalty-Income-Determined-Income-Determined-on-Estimate-Basis-Estimate-Basis-ITAT-Income-Tax-taxscan.jpg "Penalty u/s 271(1)(c) Cannot be Imposed when Income Determined on Estimate Basis: ITAT [Read Order]")
Change of opinion & Change in Method of Accounting by assessee not Deemed Concealment of income: ITAT upholds Deletion of Penalty [Read Order]
The Income Tax Appellate Tribunal (ITAT), Pune Bench has upheld the deletion of penalty under Section 271(l)(c) of the Income Tax Act, 1961 stating that a change of opinion of assessee or a change in...
![Change of opinion & Change in Method of Accounting by assessee not Deemed Concealment of income: ITAT upholds Deletion of Penalty [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Change-in-Method-of-Accounting-by-assessee-Deemed-Concealment-of-income-Concealment-of-income-ITAT-upholds-Deletion-of-Penalty-Deletion-of-Penalty-taxscan.jpg "Change of opinion & Change in Method of Accounting by assessee not Deemed Concealment of income: ITAT upholds Deletion of Penalty [Read Order]")