Penalty u/s 271AA and 271BA - TP adjustment - Failure to provide ...

Penalties u/ss 271AA and 271BA invalidated as assessee not associated with KEPTL for relevant year.

July 21, 2020

Case Laws Income Tax AT

Penalty u/s 271AA and 271BA - TP adjustment - Failure to provide or maintain specific Information / Documents - As the assessee is not associated enterprises of KEPTL for the year under consideration, we are of the view that when the very basis of the foundation of impugned penalties has been set aside, thus, the penalty order would also not survive.

View Source

← Previous Next →

Penalty u/s 271AA and 271BA - TP adjustment - Failure to provide ...

Penalties u/ss 271AA and 271BA invalidated as assessee not associated with KEPTL for relevant year.

July 21, 2020

Case Laws Income Tax AT

You may also like:

The Income Tax Appellate Tribunal dismissed the department's appeal against the Commissioner of Income Tax (Appeals) order cancelling the penalty u/s 271AA imposed on...

Penalty u/s 271G – Failure to maintain documents and accounts being audited - AO should have initiated penalty proceedings u/s 271AA/271BA – the penalty levied u/s 271G...

The case involved a challenge to penalty orders u/ss 271D and 271E before the Appellate Tribunal. The issue revolved around the reassessment proceedings being quashed,...

Assessee's expat salary expenses reimbursed to SanDisk India not taxable as FTS. No agency PE of assessee in India through SanDisk India for relevant year as no...

This case deals with the levy of penalties u/ss 271AAA and 271(1)(c) of the Income Tax Act in relation to various additions made to the assessee's income based on seized...

Penalty u/s 271BA - non furnishing of Report u/s 92E - in Section 271BA words used is “may” and not “shall”, thereby making intentions clear that levy of penalty is...

The assessment years beyond six years but not exceeding ten years can be reopened u/s 153A only if the Assessing Officer possesses evidence depicting escapement of...

Undisclosed stock - relevant assessment year - additions for the financial year 2012-2013 relevant to assessment year 2013-2014 - Once the statements have been accepted...

Absence of valid satisfaction recorded by AO before initiating assessment under special provision where search took place. Satisfaction note did not reveal AO's averment...

Amendment of section 44AD. - computing profits and gains of business on presumptive basis - where an assessee declares profit for any previous year in accordance with...

Penalty u/s 271BA - non- filing of report as required u/s 92E - Once we hold that the assessee and the alleged AE could not be treated as associated enterprises, and...

Penalty u/s 271AA - failure of the assessee to report the intentional transactions - As seen that the AO wrongly applied the amended Section 271AA which is effective...

Reassessment against company not in existence - assessment of income in the year of discontinuance or even after discontinuance - Tribunal committed an error in not...

Mis-declaration of quantity and value of goods in SEZ unit - penalty u/ss 112(a) and 114A of Customs Act 1962. Option for reduced 25% penalty u/s 114A to be extended if...

Assessment u/s 153A - In the case on hand, the search was conducted on 10.08.2017 and the relevant six assessment years immediately preceding the assessment year...

Quick Updates: