Section 271(1)(c)

Income Tax

High Court’s Admission of Quantum Appeal Weakens Penalty Proceedings: ITAT | Biz Flow Kit
Byadmin May 8, 2026

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…

Read More High Court’s Admission of Quantum Appeal Weakens Penalty Proceedings: ITAT | Biz Flow Kit
Income Tax

ITAT Deletes Penalty on Survey Income Declared and Accepted in Return | Biz Flow Kit
Byadmin April 8, 2026

ITAT Deletes Penalty on Survey Income Declared and Accepted in Return The assessee, M/s Radhika Jewellers, a partnership firm engaged in the manufacturing and trading of jewellery, was subjected to survey proceedings under Section 133A. During the survey, the assessee admitted unaccounted income of Rs. 2.01 crore on account of excess stock and cash. This…

Read More ITAT Deletes Penalty on Survey Income Declared and Accepted in Return | Biz Flow Kit