ITAT Deletes Section 270A Penalty as AO Failed to Specify Charge of Misreporting under Income Tax Act The Income Tax Appellate Tribunal (ITAT), Bangalore, has held that ad hoc disallowance of business expenditure and disallowance under Section 40(a)(ia) for non-deduction of TDS, by themselves, do not establish misreporting warranting penalty. The assessee is engaged in…
ITAT Remands Section 270A Penalty Dispute, Critises CIT(A) for Not Adopting Liberal Approach to Condone 144-Day Delay The ITAT Hyderabad held that the CIT(A) should have adopted a liberal approach and condoned the 144-day delay in filing the appeal by the NRI assessee. It set aside the CIT(A)’s order and remanded the penalty proceedings under…
Director Penalised for Furnishing Incorrect Particulars in E-Form AOC-4 Despite Inadvertant Error Shri Vinayaka Products Private Limited is a company incorporated under the Companies Act, 2013 and had filed Form AOC-4 on 25 October 2024. Mr Madhav Babulal Todi, Director of the company, has filed Form AOC-4 and on 5 May 2026, he filed an…
ROC Imposes Rs 37.5 thousand Penalty for Failure to Maintain Functional Registered Office The Registrar of Companies, Mumbai (ROC), has received Form DIR-12 filed by Karmic Stock Broking Private Limited with respect to the removal of one of the directors under Section 169, and the ROC issued a clarification letter regarding the same and dispatched…
ROC Penalises Company for Not Maintaining a Registered Office Within 30 days of Incorporation The Registrar of Companies (ROC) Patna under the Ministry of Corporate Affairs (MCA) has issued an order no. PO/ADJ/05-2026/PT/02252, dated May 21, 2026, under Section 454 of the Companies Act 2013, announcing the imposition of a penalty amounting to Rs 2…
Patna High Court Dismisses GST Penalty Plea Over Expired E-Way Bill During Transit The Patna High Court dismissed a writ petition filed by M/S Kishan Cement Stores against the Bihar State Tax authorities regarding a GST penalty imposed during the transportation of goods. In the case of the petitioner, the Deputy Commissioner of State Tax…
Akshar Spintex Pays Penalties After NSE Rejects Waiver Request Over SEBI LODR Violations Akshar Spintex Limited has disclosed to the Manager (Listing Department) of the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) that it had filed an application before the NSE seeking the waiver of penalties imposed on it for non-compliance of…
High Court’s Admission of Quantum Appeal Weakens Penalty Proceedings: ITAT The Income Tax Appellate Tribunal (ITAT) held that a penalty under Section 271(1)(c) of the Income Tax Act, 1961, cannot be sustained where the main issue has already been admitted by the Hon’ble High Court as a substantial question of law, thereby establishing that the…
Marthandam People Development Nidhi Limited, a company based in Tamil Nadu, faced legal trouble when the Ministry of Corporate Affairs noticed a mistake in their paperwork. When the company filed a form to report the allotment of shares (Form PAS-3) in August 2019, they failed to list the occupations of the people receiving those shares….
Company and Director Penalised for Non-Filing of One-Time Return in Form DPT-3 The Registrar of Companies (ROC) Hyderabad under the Ministry of Corporate Affairs (MCA), Government of India, has levied a penalty amounting to Rs 20,000 on the company, Digilogic Systems Limited, and its director, Madhusudhan Varma Jetty, for violating Section 450 of the Companies…
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