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Finance Ministry prescribes Fees of Rs. 2K for Filing Appeal against Penalty Order under Benami Act [Read Notification]

The Ministry of Finance has notified the Prohibition of Benami Property Transactions (1st Amendment), Rules, 2019 to prescribe fees of Rs. 2,000 for...

Capitalising Amounts by Transferring to Capital Account without Crediting to Profit and Loss Account...

GST applicable on Interest / Late Fee / Penalty due to delayed payment of consideration received...

Appellate Authority imposes Rs. 50k Penalty on ICAI [Read Order]

Relief for Google - No Penalty under Section 271(1)(c) if the matter has been admitted by High...

CCI imposes Penalty on SAAR IT Resources Private Limited and others [Read Order]

The Competition Commission of India ( CCI ) after detailed inquiry has found SAAR IT Resources Private Limited, CADD Systems and Services Private Limited and Pentacle Consultants (I) Private...

Filing of Form 3CB Audit Report with Form 3CD is Sufficient Compliance: ITAT deletes Penalty [Read Order]

While deleting a penalty order passed under Section 271B of the Income Tax Act, the Income Tax Appellate Tribunal ( ITAT ), Kolkata bench has held that the filing of form no. 3CB audit report with...

Inadvertent and Bonafide Error in Return won’t attract Penalty: ITAT [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that an inadvertent and bonafide error in return would not attract penalty under section 271(1)(c) of the Income Tax Act, 1961. ...

Penalty can’t be levied for Lack of Evidence supporting HRA Claim If Assessee admitted Fault: ITAT [Read Order]

The Chennai bench of the Income Tax Appellate Tribunal (ITAT) has deleted a penalty order under section 271(1)(c) of the Income Tax Act by holding that the same cannot be imposed for want of evidence...

Non-Production of Audit Report in Prescribed Format would attract Penalty: ITAT [Read Order]

The Cochin bench of the Income Tax Appellate Tribunal (ITAT) has held that the non-production of the audit report in the prescribed format can be a reason to impose a penalty under Section 271B of the...

ITAT upholds Penalty leviable on Surrender made on Account of Discrepancy in Stock [Read Order]

The Income Tax Appellate Tribunal (ITAT), Chandigarh bench has held that the penalty under Section 271AAB of the Income Tax Act was rightly imposed in the case where the assessee surrendered the short...

Wrong Claim for TDS would not attract Penalty: ITAT [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that a wrong claim for TDS cannot be a ground to invoke penalty proceedings against the assessee under section 271(1)(c) of the...

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