Search Results for "Section 271B"

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Search Results for "Section 271B"

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Supreme Court

Supreme Court Allows Appeals in TDS Penalty Case — Failure to Deposit TDS Not Attracting Penalty Under Section 271C if Reasonable Cause Shown. Belated Remittance of TDS Due to Financial Constraints and Bona Fide Belief Constitutes Reasonable Cause Under Section 273B of Income Tax Act, 1961.

10 Apr 2023

The appeals arose from a common judgment of the Kerala High Court confirming the levy of penalty under Section 271C of the Income Tax Act, 1961 on the...

High Court

Bombay High Court Quashes Reassessment Notice Under Section 148 of Income Tax Act, 1961 — Unsigned Notice Invalid and Proceedings Barred by Limitation. The court held that an unsigned notice under Section 148 is not a valid notice and cannot initiate reassessment proceedings beyond the limitation period under Section 149(1)(b).

9 Jan 2023

The petitioner, Prakash Krishnavtar Bhardwaj, a non-resident Indian residing in Dubai, UAE, filed a writ petition under Article 226 of the Constitutio...

Supreme Court

Supreme Court Allows Appeal in Tax Dispute Over Buy-Back of Shares Under Section 115QA of Income Tax Act, 1961. The Court held that buy-back pursuant to a scheme of arrangement under Section 391 of the Companies Act, 1956, is not covered by Section 115QA as it stood prior to the amendment effective from 01.06.2016.

22 Nov 2019

The appellant, Genpact India Private Limited, a domestic unlisted company, bought back shares from its sole shareholder, Genpact India Investment, Mau...

High Court

Bombay High Court Dismisses Petitions Challenging Local Body Tax Classification. Classification of dealers based on turnover for LBT exemption is valid under Article 14 as it has a rational nexus with the object of the Maharashtra Municipal Corporation Act, 1949.

8 Jan 2016

The petitioners, M/s. Nagpur Distillers Private Limited and M/s. Vidarbha Distillers, are dealers within the meaning of Section 2(16A) of the Maharash...

High Court

Bombay High Court Dismisses Revenue's Appeal in Income Tax Penalty Case. Journal Entry Set-off for Loan Repayment Does Not Violate Section 269T of Income Tax Act, 1961, as It Is Not a Repayment but an Adjustment of Mutual Claims.

12 Jun 2012

The case involves an appeal by the Commissioner of Income Tax against the order of the Income Tax Appellate Tribunal (ITAT) which deleted the penalty ...

High Court

Bombay High Court Allows Writ Petition Challenging Penalty Under Section 271B for Delay in Filing Tax Audit Report — Holds That Prior to 1995 Amendment, Only Obtaining Audit Report by Specified Date Was Mandatory, Not Filing It. The court interpreted Section 44AB strictly and held that penalty under Section 271B cannot be imposed for failure to furnish the audit report before the amendment by Finance Act, 1995.

29 Jun 2010

The petitioner, a partnership firm registered under the Indian Partnership Act, 1932, challenged orders of the Commissioner of Income Tax, Kolhapur da...

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