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Making a Wrong Claim would not attract Penalty: Delhi HC [Read Judgment]

Taxscan Team

The Delhi High Court recently held that the penalty under Section 271(1)(c) of the Income Tax Act cannot be automatically levied when the assessee...

Penalty not leviable when Assessment itself is Quashed: ITAT [Read Order]

VAT Return can be revised to Correct Bonafide Errors even though Penalty proceeds were Initiated:...

Confiscation and Penalty can’t be Imposed Merely on Ground that Importer of ‘Arms’ was not a...

No Penalty u/s 271(1)( c ) If Assessee had acted in a Bonafide Manner: ITAT [Read Order]

Non-Availability of Staff not an Excuse to avoid Penalty for Delay in Filing TDS Statement: ITAT [Read Order]

While upholding the penalty proceedings against the Delhi Development Authority Common Wealth Games 2010, the Delhi ITAT held that the assessee, being a Government Corporation cannot take a defence of...

No Penalty if Assessee Wrongly mentioned PAN in place of TAN in TDS Challan: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT) Lucknow on May 2nd came into the rescue of an assessee who were penalized for mentioning PAN in place of TAN in TDS challan. The assessee, M/s Umatech,...

CBIC authorizes Customs Officers to adjudge Confiscation / Penalty [Read Notification]

The Central Board of Indirect Taxes and Customs ( CBIC ) have notified the officers who are empowered to adjudge confiscation or penalty under the Customs Act. Under section 122 of the Customs Act,...

Penalty paid to Stock Exchange is a regular Business Expenditure: ITAT allows Deduction [Read Order]

In an assessee-favor ruling, the Indore Bench of Income Tax Appellate Tribunal (ITAT) has held that penalty paid to stock exchange is a regular business expenditure. The issue before the division...

Penalty u/s 271(1)(c) can’t be Imposed when Income is determined on Estimate Basis: ITAT [Read Order]

In ACIT vs. Eagle Theatres, the Delhi bench of the Income Tax Appellate Tribunal (ITAT) held that penalty under Section 271(1)(c) of the Income Tax Act, 1961 cannot be imposed when income is...

CESTAT confirms Penalty as Assessee Wrongfully availed Credit knowing that ‘ Trading Activity ’ was not a Taxable Activity [Read Order]

In M/s. Varenyyam Motors vs. CCE & ST, the Customs, Excise & Service Tax Appellate Tribunal ( CESTAT ) upheld the penalty imposed on the assessee for wrongfully availing credit knowing that ‘...

No Penalty When there is Reasonable Cause for Failure to Comply with Section 44AB: ITAT [Read Order]

The Kolkata Bench of the Income Tax Appellate Tribunal (ITAT) in Dr. Shantanu Datta vs. ITO, held that penalty under Section 271B of the Income Tax Act, 1971 cannot be imposed when there is a...

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