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Providing Blank LR books establishes the abatement in passing of Fraudulent Cenvat Credit: CESTAT upholds Penalty under Rule 26 [Read Order]

Providing Blank LR books establishes the abatement in passing of Fraudulent Cenvat Credit ,the Ahmedabad Bench of the Customs, Excise & Service...

GST Demand Penalty cannot be based on Presumption: Allahabad HC [Read Order]

IBBI imposes Penalty of Rs. 5 Lakhs on RP for Professional Misconduct of Non-mentioning of Clearing...

Delay in Appointment of Auditor and Finalization of Annual Accounts, not valid ground for imposing...

No Violation of Section111 of Customs Act: CESTAT deletes Penalty of 40 Lakhs [Read Order]

Foundation for Levy of Penalty is on Addition made of Concealment of Income, No Penalty u/s 271(1)(c) imposable in the Absence of Addition: ITAT [Read Order]

Foundation for levy of penalty is on addition made of concealment of income, the Kolkata Bench of the Income Tax Appellate Tribunal (ITAT) has held that no penalty u/s 271(1)(c) of the Income Tax...

Interpretation issue on Removal of Capital Goods not amounts to suppression of fact, not liable for Penalty u/s 15(2) r/w S.11AC: CESTAT [Read Order]

While considering a bunch of appeals, the Delhi bench of the Customs, Excise & Service Tax Appellate Tribunal (CESTAT) has held that the Interpretation issue on the removal of capital goods not...

IBBI to Impose Penalty on Insolvency Professional Agency for Defaults, Mandates Annual Compliance Certificate [Read Notification]

The Insolvency and Bankruptcy Board of India (IBBI) has issued the IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Second Amendment) Regulations, 2022 mandating the...

Non Participation in Income Tax Assessment Proceedings Due to Disputes Between Partners: ITAT deletes Penalty u/s 271(1)(b) [Read Order]

The Income Tax Appellate Tribunal (ITAT), Rajkot Bench, has recently, in an appeal filed before it, held that when non- participation of the firm in the assessment proceedings is due to dispute...

Service Tax Paid before the Issuance of Show Cause Notice: CESTAT sets aside Penalty [Read Order]

The Customs, Excise & Service Tax Appellate Tribunal (CESTAT), Kolkata, has recently in an appeal filed before it, held that when service tax with interest is already paid, no further proceeding...

Cash Loan u/s 269SS given by Executive Directors to meet urgent Financial needs of Company: ITAT deletes Penalty [Read Order]

The Income Tax Appellate Tribunal (ITAT), Bangalore deleted penalty as the cash loan under Section 269SS of the Income Tax Act, 1961 given by Executive Directors to meet urgent financial needs of...

Penalty u/s 271(1)(c) cannot be made for Income Tax Additions made on ad-hoc basis: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), New Delhi Bench held that penalty under Section 271(1)(c) of the Income Tax Act, 1961 cannot be made for additions made on ad-hoc basis. The assessee,...

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