Income Tax Penalty

Income Tax

Clear Mention of “Misreporting of Income” Validates Section 270A Penalty: ITAT | Biz Flow Kit
Byadmin May 29, 2026

Clear Mention of “Misreporting of Income” Validates Section 270A Penalty: ITAT The Tribunal upheld the penalty under Section 270A, ruling that the AO’s notice clearly specified “under-reporting due to misreporting of income“, and therefore the penalty proceedings were valid. Prakashnagar Credit Cooperative Society Ltd filed the present case against the ITO, challenging orders passed by…

Read More Clear Mention of “Misreporting of Income” Validates Section 270A Penalty: ITAT | Biz Flow Kit
Income Tax

ITAT Deletes Penalty in Education Cess Dispute; Says Retrospective Amendment Not Grounds for Penalty | Biz Flow Kit
Byadmin March 27, 2026

ITAT Deletes Penalty in Education Cess Dispute; Says Retrospective Amendment Not Grounds for Penalty The Income Tax Appellate Tribunal (ITAT), Ahmedabad, in a recent ruling, has deleted the penalty of Rs 3.69 lakh imposed on the grounds of under-reporting of income in the ITR and allowed the taxpayer’s appeal. Shree Swati Texdyes Private Limited had…

Read More ITAT Deletes Penalty in Education Cess Dispute; Says Retrospective Amendment Not Grounds for Penalty | Biz Flow Kit
Income Tax

ITAT Deletes Rs 1.61 Crore Penalty, Says Incorrect but Disclosed Claim Not ‘Inaccurate Particulars’ | Biz Flow Kit
Byadmin March 7, 2026

ITAT Deletes Rs 1.61 Crore Penalty, Says Incorrect but Disclosed Claim Not ‘Inaccurate Particulars’ The ITAT upheld deletion of a Rs 1.61 crore penalty on the company, ruling that fully disclosed but incorrect claims do not constitute inaccurate particulars, relying on the Supreme Court‘s judgement in the case titled CIT v. Reliance Petroproducts Pvt. Ltd….

Read More ITAT Deletes Rs 1.61 Crore Penalty, Says Incorrect but Disclosed Claim Not ‘Inaccurate Particulars’ | Biz Flow Kit