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Defect in Notice would invalidate Penalty Proceedings: ITAT [Read Order]

The Jaipur bench of the Income Tax Appellate Tribunal (ITAT) has held that the defect in the notice issued by the income tax department would nullify...

Penalty can’t be levied for Rejection of Bonafide Claim: Bombay High Court [Read Order]

Penalty can’t be levied on Retrospective Amendment: ITAT [Read Order]

Cash Loan from Parents and Brother for purchasing House for whole Family do not attract Penalty:...

Penalty Proceedings can’t be initiated without a specific Charge: ITAT [Read Order]

Penalty can’t be levied on the basis of Vague Charges: ITAT [Read Order]

The Pune bench of the Income Tax Appellate Tribunal (ITAT) has held that the penalty under section 271(1)(c) of the Income Tax Act cannot be levied on vague charges. The assessee, a salaried...

When Quantum Addition deleted, Consequent Penalty can’t Survive: ITAT [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that when the quantum addition is deleted by the appellate authorities, the penalty levied under Section 271(1)(c) of the Income...

Mere Change in ‘Heads of Income’ won’t attract Penalty: ITAT [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) has held that a mere change in the heads of income would not attract penalty under the Income Tax Act, 1961. The assessee claimed that...

No Penalty on the basis of Addition of Notional Income from House Property: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai bench has held that the penalty under section 271(1)(c) of the Income Tax Act cannot be levied on the basis of the addition made in respect of notional...

Amount kept in Impress Account can’t be treated as ‘Business Advance’: ITAT deletes Penalty [Read Order]

While deleting a penalty order, the Income Tax Appellate Tribunal ( ITAT ), Chandigarh has held that the amount kept in the impress account cannot be treated as ‘business advance’ for the purpose of...

No Penalty since Assessee surrendered Additional Income and paid Due Taxes: ITAT [Read Order]

The New Delhi bench of Income Tax Appellate Tribunal ( ITAT ) has ruled that the penalty cannot be levied since Assessee surrendered additional income and paid all the tax dues. The Assessee, an...

Assessee can’t be Penalized for Wrong Statement given by Payee: ITAT [Read Order]

A Division bench of the Indore ITAT including Judicial Member Kul Bharat and Accountant Member Manish Borad ruled that assessee cannot be penalized merely based on wrong statement given by payee. In...

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