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![Displacement of Fair Market Value supported by Valuation Report by AO: ITAT deletes Penalty u/s 271(1)(c) of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/01/Income-Tax-ITAT-Delhi-Fair-market-value-Income-tax-penalty-Income-Tax-Appellate-Tribunal-taxscan.jpg "Displacement of Fair Market Value supported by Valuation Report by AO: ITAT deletes Penalty u/s 271(1)(c) of Income Tax Act [Read Order]")
Displacement of Fair Market Value supported by Valuation Report by AO: ITAT deletes Penalty u/s 271(1)(c) of Income Tax Act [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) dismissed the imposition of penalty under section 271(1)(c) of the Income Tax Act 1961,...
![Fresh Assessment Order under Income Tax Act passed without Revising Penalty Proceeding: Kerala HC directs to Revise Penalty [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/01/Income-Tax-penalty-revision-Kerala-High-Court-Assessment-Order-Penalty-proceedings-revision-Penalty-taxscan.jpg "Fresh Assessment Order under Income Tax Act passed without Revising Penalty Proceeding: Kerala HC directs to Revise Penalty [Read Order]")
![ITAT deletes Penalty imposed u/s 271(1)(c) of Income Tax Act on Estimated Quantum Addition based upon information from Sales Tax Department [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/ITAT-deletes-Penalty-imposed-ITAT-deletes-Penalty-imposed-Income-Tax-Act-Estimated-Quantum-Addition-Quantum-Addition-Sales-Tax-Department-Sales-Tax-ITAT-News-Tax-News-Income-Tax-TAXSCAN.jpg "ITAT deletes Penalty imposed u/s 271(1)(c) of Income Tax Act on Estimated Quantum Addition based upon information from Sales Tax Department [Read Order]")
![Notice u/s 271 (1)(c) of Income Tax Act issued Without Specifying Charge and Striking off Irrelevant Limp: ITAT quashes Penalty Proceedings [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Income-Tax-Act-issued-Specifying-Charge-Irrelevant-Limp-ITAT-quashes-Penalty-Proceedings-taxscan.jpg "Notice u/s 271 (1)(c) of Income Tax Act issued Without Specifying Charge and Striking off Irrelevant Limp: ITAT quashes Penalty Proceedings [Read Order]")
![Penalty u/s 271 (1) (c)cannot be imposed for Unsustainable Claims: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/10/Penalty-imposed-unsustainable-claims-ITAT-TAXSCAN.jpeg "Penalty u/s 271 (1) (c)cannot be imposed for Unsustainable Claims: ITAT [Read Order]")
First Appellate Authority can’t add a new source of Income which was not considered in Original Assessment: Kerala HC [Read Judgment]
The Kerala High Court recently ruled that the first appellate authority, under section 251 of the Income Tax Act, 1961 has no power to make additions regarding new source of income which was not...
![First Appellate Authority can’t add a new source of Income which was not considered in Original Assessment: Kerala HC [Read Judgment]](https://www.taxscan.in/wp-content/uploads/2017/10/Assessment-Taxscan.jpg "First Appellate Authority can’t add a new source of Income which was not considered in Original Assessment: Kerala HC [Read Judgment]")
Disallowance of Additional Depreciation Claim would not Attract Penalty Provisions, says ITAT [Read Order]
The Mumbai bench of Income Tax Appellate Tribunal (ITAT) has held that disallowance of additional depreciation claim would not attract any penalty. The Tribunal bench comprising of D.T.Garasia...
![Disallowance of Additional Depreciation Claim would not Attract Penalty Provisions, says ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2017/08/Depreciation-Taxscan.jpg "Disallowance of Additional Depreciation Claim would not Attract Penalty Provisions, says ITAT [Read Order]")