Tag: income tax penalty

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 …

Penalty u/s 271D deleted due to ‘reasonable cause’ as assessee belonged to Schedule Tribe and income earned by him was exempt u/s 10(26) of the Act. In a recent judgment, the ITAT Guwahati deleted penalty u/s 271D for violation of section 269SS observing that there was a ‘reasonable …

Penalty u/s 271D not automatic. AO is required to find out that even if there was any failure, the same was without a reasonable cause. In a recent judgment, the Bangalore ITAT has deleted penalty u/s 271D for violation of provisions of section 269SS observing that Levy of …

Penalty u/s 272A(2)(c) confirmed on Sub Registrar for non compliance of statutory notice u/s 133(6) calling for information of immovable property. In a recent judgment, ITAT Lucknow has confirmed penalty u/s 272A(2)(c) of the Income Tax Act, 1961 levied on the Sub Registrar for non compliance of statutory …

Penalty u/s 272A(2)(c) for not furnishing information to notice u/s 133(6) deleted In a recent judgment, ITAT Lucknow has deleted Penalty u/s 272A(2)(c) imposed on Sub-registrar for not furnishing information of properties registered in response to notice u/s 133(6) of the Income Tax Act, 1961. ABCAUS Case Law …