Tag: income tax penalty

ITAT deleted penalty u/s 271AAB as show cause notice did not specify limb of penalty applicable to the assessee. In a recent judgment, ITAT Chandigarh has deleted penalty under section 271AAB as the show cause notice issued did not specify applicable limb of penalty. ABCAUS Case Law Citation:4703 …

Once it is established that assessee has not maintained the books of account, same can not be audited – ITAT In a recent judgment, ITAT Jaipur quashed the levy of penalty u/s 271B for failure to get accounts audited u/s 44AB holding that once it is established that …

No penalty u/s 271E or 271D can be levied without satisfaction recorded in the assessment order for initiating the penalty proceedings – High Court In a recent judgment, High Court of Rajasthan quashed notice issued under Section 271E and the proceedings thereto as no satisfaction was recorded by …

Penalty u/s 271AAC deleted by ITAT as income surrendered was declared in revised return substituting original return. In a recent judgment, ITAT Jaipur deleted Penalty u/s 271AAC as income surrendered in survey u/s 133A by the assessee was declared in revised return filed which substituted the original return …

Penalty u/s 271B can not be levied in a case where tax audit report was furnished before completion of the assessment In a recent judgment, ITAT Cochin has held that penalty u/s 271B can not be levied for non furnishing of tax audit report within due date as …

AO using the terms “underreporting” and “misreporting as a consequence of underreporting” loosely, showed he was unaware of the different connotations and their implications.  In a recent judgment, ITAT Agra has deleted penalty under section 270A observing that the AO apparently used the terms “underreporting” and “misreporting as …

Income tax penalty can not be imposed on the HUF which was no longer in existence and dissolved upon partition In a recent judgment, Hon’ble Calcutta High Court has held that income tax penalty can not be imposed on the HUF which was no longer in existence. Even …

Levy of penalty u/s 271(1)(b) for each default in not responding to notices issued u/s 142(1) of the Act was not justified – ITAT In a recent judgment, ITAT Pune deleted penalty u/s 271(1)(b) holding that levy of penalty for each default in not responding to the notices …

Penalty u/s 270A on account under reporting of income deleted as assessee relied upon Supreme Court judgments to claim income exempt In a recent judgment, ITAT Delhi has deleted penalty u/s 270A on account under reporting of income as assessee relied upon judgment of Hon’ble Supreme Court to …

Penalty u/s 271DA deleted for receiving cash above Rs. 2 lakhs from farmers against sale of tractors.  In a recent judgment, the ITAT Delhi has deleted penalty u/s 271DA holding that the assessee had bona fide reasons to receive cash over and above Rs. 2 lakhs from the …