![“Loan Given” in Cash Exceeding Prescribed Limit does not attract Penalty u/s 271D of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/02/Loan-Cash-Exceeding-Penalty-Income-Tax-Act-Income-Tax-Tax-ITAT-Taxscan.jpg "“Loan Given” in Cash Exceeding Prescribed Limit does not attract Penalty u/s 271D of Income Tax Act: ITAT [Read Order]")
“Loan Given” in Cash Exceeding Prescribed Limit does not attract Penalty u/s 271D of Income Tax Act: ITAT [Read Order]
The Indore bench of Income Tax Appellate Tribunal ( ITAT ) recently held that in case of “loan given” Penalty under section 271D Income Tax Act 1961...
![Redemption fine of 10% and penalty of 5% of value of imported goods is appropriate for imports violating Exim Policy Provisions: CESTAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/02/Redemption-fine-penalty-imported-goods-Exim-Policy-CESTAT-Customs-Excise-Service-Tax-imports-fine-value-of-imported-goods-taxscan-.jpg "Redemption fine of 10% and penalty of 5% of value of imported goods is appropriate for imports violating Exim Policy Provisions: CESTAT [Read Order]")
![Grave violation of Natural Justice Principles: Madras HC remands Penalty Levy for GST ITC Claim based on bogus Tax Invoices/Debit Notes [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/02/Grave-violation-Natural-Justice-Principles-Madras-HC-Penalty-Levy-for-ITC-Claim-bogus-tax-invoices-debit-notes-Taxscan.jpg "Grave violation of Natural Justice Principles: Madras HC remands Penalty Levy for GST ITC Claim based on bogus Tax Invoices/Debit Notes [Read Order]")
Budget 2023 proposes to waive penalty u/s 269SS of IT Act on Agricultural Credit & Deposit Transactions up to Rs. 2 Lakh [Read Finance Bill]
In the Budget 2023, the Finance Minister suggested a new cash transaction cap for agricultural loans and deposits under section 269SS of the Income Tax Act, 1961. The fine was exempt up to 2 lakh...
![Finance Bill, 2023 Amends Income Tax Penalty Provisions [Read Finance Bill]](https://www.taxscan.in/wp-content/uploads/2023/02/Finance-Bill-2023-Amends-Income-Tax-Penalty-Provisions-TAXSCAN.jpg "Finance Bill, 2023 Amends Income Tax Penalty Provisions [Read Finance Bill]")
Budget 2023 Imposes Penalty of Rs. 5,000 for Inaccuracy in Statement of Financial Transactions submitted by Prescribed Reporting Financial Institution [Read Finance Bill]
The Union Budget 2023 imposed penalty of Rs. 5,000 for Inaccuracy in Statement of Financial Transactions (SFT) submitted by Prescribed Reporting Financial Institution and the proposed is amendment is...
A mere making claim which is not Sustainable by Law not amount to furnish inaccurate particulars of Income, No Penalty u/s 271(1)(c): ITAT [Read Order]
The Pune bench of the Income Tax Appellate Tribunal (ITAT) has held that a mere making claim which is not sustainable by law does not amount to furnishing inaccurate particulars of income and Penalty...
![A mere making claim which is not Sustainable by Law not amount to furnish inaccurate particulars of Income, No Penalty u/s 271(1)(c): ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Income-Penalty-Income-Tax-ITAT-taxscan.jpg "A mere making claim which is not Sustainable by Law not amount to furnish inaccurate particulars of Income, No Penalty u/s 271(1)(c): ITAT [Read Order]")
Income Tax Authorities should charge Legitimate Taxes from Assessee, Penalty cannot be Imposed for Bonafide Mistakes: ITAT [Read Order]
The Income Tax Appellate Tribunal ( ITAT ), Chandigarh Bench, has recently, in an appeal filed before it, held that the income tax authorities should charge legitimate taxes from the assessee and...
![Income Tax Authorities should charge Legitimate Taxes from Assessee, Penalty cannot be Imposed for Bonafide Mistakes: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Income-Tax-Authorities-Income-Tax-Tax-Taxes-Penalty-ITAT-taxscan.jpg "Income Tax Authorities should charge Legitimate Taxes from Assessee, Penalty cannot be Imposed for Bonafide Mistakes: ITAT [Read Order]")
Penalty Demand after 7 Days of Detention for Expiry of E-way Bill invalid: Madras HC quashes GST Demand & Detention [Read Order]
A Single Bench of the Madras High Court has quashed the GST demand and detention order holding that the penalty demand after 7 days of detention for expiry of E-way bill would be invalid. A...
![Penalty Demand after 7 Days of Detention for Expiry of E-way Bill invalid: Madras HC quashes GST Demand & Detention [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Penalty-Demand-Detention-E-way-Bill-Madras-HC-GST-Demand-Detention-TAXSCAN.jpg "Penalty Demand after 7 Days of Detention for Expiry of E-way Bill invalid: Madras HC quashes GST Demand & Detention [Read Order]")
No Penalty on Customs Broker for Abatement If Due Diligence was Taken While Verifying KYC of Importer Based on Records Submitted: CESTAT [Read Order]
The Chennai Bench of the Customs, Excise and Service Tax Appellate Tribunal ( CESTAT ), ruled that no penalty on Customs Broker for abatement if Due Diligence was taken while verifying KYC of...
![No Penalty on Customs Broker for Abatement If Due Diligence was Taken While Verifying KYC of Importer Based on Records Submitted: CESTAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Penalty-Customs-Broker-Customs-KYC-Importer-Records-Submitted-CESTAT-Excise-Service-Tax-Taxscan.jpg "No Penalty on Customs Broker for Abatement If Due Diligence was Taken While Verifying KYC of Importer Based on Records Submitted: CESTAT [Read Order]")