Non- Deliberate Delay In Late Filing SFT Return : ITAT Quashes Penalty
2 years, 4 months ago

Non- Deliberate Delay In Late Filing SFT Return : ITAT Quashes Penalty

Live Law  

The Delhi Bench of the Income Tax Appellate Tribunal has quashed the penalty on the grounds that the delay in the late filing of the Statement of Financial Transaction return was not deliberate. A show cause notice was issued on 08.09.2017 by the Director of Income Tax, Chandigarh, calling upon the assessee to explain the reason for not filing a statement of financial transaction return. The assessee submitted that the order under section 271FA came to be passed due to a delay in filing the SFT Returns of 210 days. The assessee contended that the assessee had not received the advisory notice issued under section 285 BA and the show cause notice of penalty under section 271FA due to a change of mail ID and the delay in filing the return was not deliberate.

Penalty Income Tax Delay Notice Filing Return Itat Assessee Cit Sft Section 271Fa  non  assessee  filed  delay  late  return  notice  quashes  sft  itat  tax  penalty  deliberate  income  order  filing

History of this topic

ITAT Weekly Round-Up: 11 To 17 August 2024
4 months ago

ITAT Weekly Round-Up: 11 To 17 August 2024

Live Law  

ITAT Declines To Stay Cancellation Of Exemption Notification To Legal Initiative For Forest And Environment Trust Case Title: Legal Initiative For Forest And Environment Versus PCIT The Delhi Bench of Income Tax Appellate Tribunal has dismissed the stay application filed by assessee-LIFE Trust against the withdrawal/cancellation of registration for exemption granted under section 12A/12AA/12AB from FY 2013-14 onwards. ITAT Allows …

AO Can't Disregard ITAT's Direction To Re-examine Issue By Referring To CBDT Circular: Delhi High Court
4 months, 3 weeks ago

AO Can't Disregard ITAT's Direction To Re-examine Issue By Referring To CBDT Circular: Delhi High Court

Live Law  

The Delhi High Court has held that the assessing officer cannot disregard the direction of the Income Tax Appellate Tribunal to re-examine the issue by referring to the circular issued by the Central Board of Direct Taxes.The bench of Justice Yashwant Varma and Justice Ravinder Dudeja has observed that since the additional grounds had come to be accepted by the …

Failure Of Dept. To Comply With ITAT's Order: Delhi High Court Directs Dept. To Remove Demands, Penalty From ITBA portal
8 months ago

Failure Of Dept. To Comply With ITAT's Order: Delhi High Court Directs Dept. To Remove Demands, Penalty From ITBA portal

Live Law  

The Delhi High Court has held that the Department has failed to comply with Income Tax Appellate Tribunal's Order in passing a fresh assessment order within the stipulated time.The bench of Justice Yashwant Varma and Justice Purushaindra Kumar Kaurav has observed that the underlying rationale of the Legislature behind the enactment of Section 153 of the Income Tax Act and …

ITAT Cases Weekly Round-Up: 31 March To 6 April 2024
8 months, 2 weeks ago

ITAT Cases Weekly Round-Up: 31 March To 6 April 2024

Live Law  

Case Title: Zila Parisad verses Addl. Case Title: Kishorkumar Bhalara verses The Principal Commissioner of Income Tax On finding that the PCIT has held the assessment order passed by AO as erroneous and prejudicial to the interest of the Revenue simply based on incorrect assumption of facts, the Rajkot ITAT directed to set aside the order passed u/s 263 of …

Filing Return By Due Date U/s 139 Is Mandatory For Political Party To Claim Exemption U/s 13A: Delhi ITAT Refuses To Stay Recovery Against Congress Party
9 months, 2 weeks ago

Filing Return By Due Date U/s 139 Is Mandatory For Political Party To Claim Exemption U/s 13A: Delhi ITAT Refuses To Stay Recovery Against Congress Party

Live Law  

While holding the argument that an assessee is entitled to a stay on the recovery proceedings on payment of 20% of the demand during the pendency of appeal before the Tribunal, as too general, the New Delhi ITAT dismisses the stay application of Indian National Congress treating it as meritless. At the same time, on the merits of the matter, …

Supreme Court Surprised At 4-Year Delay By Income Tax Department In Filing Appeals; Asks About Action Against Officials
11 months ago

Supreme Court Surprised At 4-Year Delay By Income Tax Department In Filing Appeals; Asks About Action Against Officials

Live Law  

Taking serious note of the gross delay of over four years on the part of the Income Tax Department in filing statutory appeals before the High Court, the Supreme Court has called for an affidavit from the concerned officer to explain the inquiry made and action taken regarding the delay. ".we direct that the concerned authority to file an affidavit …

Defects In Statement Of Reportable Account Rectified Within The Time Limit: ITAT Deletes Penalty
1 year, 4 months ago

Defects In Statement Of Reportable Account Rectified Within The Time Limit: ITAT Deletes Penalty

Live Law  

The Chennai Bench of the Income Tax Appellate Tribunal has deleted the penalty as the defects in the statement of the reportable account were rectified within the time limit.The Bench of V. Durga Rao and Manjunatha, G. has observed that the provisions of sub-section of Section 285BA of the Income Tax Act mandate that the defect be rectified. The Chennai …

In Absence Of Proper Show Cause Notice To The Assessee, There Is No Merit In Levy Of Penalty: ITAT
1 year, 8 months ago

In Absence Of Proper Show Cause Notice To The Assessee, There Is No Merit In Levy Of Penalty: ITAT

Live Law  

The Delhi Bench of the Income Tax Appellate Tribunal has held that where the initiation of penalty is one limb and the levy of penalty is another limb, then in the absence of proper show cause notice to the assessee, there is no merit in the levy of penalty.The bench of Anil Chaturvedi and Yogesh Kumar Us has relied on …

Tax Cases Monthly Round Up: March 2023
1 year, 8 months ago

Tax Cases Monthly Round Up: March 2023

Live Law  

Indirect Taxes Supreme Court Case Title: State of Karnataka v. M/s. Case Title: M/s Lupin Limited Versus Commissioner of Central Tax & Customs, Guntur The Hyderabad Bench of Customs, Excise and Service Tax Appellate Tribunal has rejected the refund claim of Krishi Kalyan Cess worth rs. Delhi High Court Case Title: OYO Hotels and Homes Private Limited vs Deputy Assistant …

Tax Cases Weekly Round-Up: 18 December to 24 December 2022
1 year, 11 months ago

Tax Cases Weekly Round-Up: 18 December to 24 December 2022

Live Law  

Supreme Court Small Tax Effect: Monetary Limit To Prefer An Appeal Before The Supreme Court Is Rs. Bombay High Court Case Title: The Principal Commissioner of Income Tax Versus M/s. Bombay High Court Case Title: M/s Bhatewara Associates Versus Union Of India The Bombay High Court has condoned a year-long delay in filing the Income Tax Return over "genuine hardships." …

Tax Cases Monthly Round-Up: November, 2022
2 years ago

Tax Cases Monthly Round-Up: November, 2022

Live Law  

Indirect Taxes Supreme Court Case Title: OCL India Limited vs State of Orissa Citation: 2022 LiveLaw 911 The Supreme Court upheld States' power to impose entry tax from Industrial Township/Areas. Bombay High Court Case Title: Asit C. Mehta Financial Services Limited versus The Customs Excise and Service Tax Appellate Tribunal The Bombay High Court has ruled that the time limit …

Tax Cases Weekly Round-Up: 13 November To 19 November 2022
2 years, 1 month ago

Tax Cases Weekly Round-Up: 13 November To 19 November 2022

Live Law  

Supreme Court Sec.194H Income Tax Act Attracted For 'Supplementary Commission' Earned By Travel Agents ; Airlines Liable To Deduct TDS : Supreme Court Case Title: Singapore Airlines Ltd. vs C.I.T., Delhi Citation: 2022 LiveLaw 959 The Supreme Court held that Section 194H of the Income Tax Act is attracted in the case of Supplementary Commission amounts earned by the travel …

ITR Filing AY 2022-23: Rs 5,000 Penalty if you Miss Income Tax FY22 Deadline; Know Details
2 years, 4 months ago

ITR Filing AY 2022-23: Rs 5,000 Penalty if you Miss Income Tax FY22 Deadline; Know Details

News 18  

ITR Filing for AY22-23: Tax season is almost coming to an end with the deadline to file income tax returns ending this week on July 31, which is this Sunday. Over 3.4 crore ITRs filed till 26th July, 2022 & about 30 lakh ITRs filed on 26th July, 2022 itself.The due date to file ITR for AY 2022-23 is 31st …

SBI Cannot Escape Tax Implication On Grounds Of Change Of Branch Manager: ITAT Refuses To Condone The Delay In Filing Appeal
2 years, 5 months ago

SBI Cannot Escape Tax Implication On Grounds Of Change Of Branch Manager: ITAT Refuses To Condone The Delay In Filing Appeal

Live Law  

The Bangalore Bench of the Income Tax Appellate Tribunal has refused to condone the delay in filing the appeal on the grounds that even during the period of COVID-19, the ITAT was functioning and banking facilities were provided by the State Bank of India. The Branch intended to prefer an appeal before the Income Tax Appellate Tribunal, Bangalore, against the …

Notice Didn't Contain Categorical Indication Of Furnishing Inaccurate Particulars Or Concealment Of Particular Income: ITAT Quashes Penalty Proceedings
2 years, 6 months ago

Notice Didn't Contain Categorical Indication Of Furnishing Inaccurate Particulars Or Concealment Of Particular Income: ITAT Quashes Penalty Proceedings

Live Law  

The Delhi Bench of the Income Tax Appellate Tribunal has quashed the penalty proceedings as the notice issued to the assessee did not mentioned a categorical indication of specific violation in respect of furnishing inaccurate particulars or concealment of particular income. Therefore, the AO held it to be a case of concealment of the income and an assessee penalty was …

Other Income Tax Additions In Reassessment Proceedings Cannot Be Sustained If Addition on Primary Grounds Is Not Made: ITAT
2 years, 6 months ago

Other Income Tax Additions In Reassessment Proceedings Cannot Be Sustained If Addition on Primary Grounds Is Not Made: ITAT

Live Law  

The Delhi Bench of the Income Tax Appellate Tribunal consisting of C.N. The assessee/appellant has challenged the validity of the assessment made by the Assessing Officer as the assessment was reopened for escapement of income on account of cash deposits made into the bank account by the assessee. The reasons recorded by the Assessing Officer have reason to believe that …

Delay In Filing Appeal Based On COVID-19 Reasons: ITAT Imposes Penalty Of Rs.25,000
2 years, 7 months ago

Delay In Filing Appeal Based On COVID-19 Reasons: ITAT Imposes Penalty Of Rs.25,000

Live Law  

The Chennai Bench of the Income Tax Appellate Tribunal headed by Mahavir Singh and Manoj Kumar Aggarwal has imposed a penalty of Rs. 25,000 on the assessee for the delay of 1217 days in filing the appeal due to COVID-19. The appellant/assessee has challenged the order of CIT in the matter of assessment framed by AO under section 143 of …

Monthly Digest Of Tax Cases- April 2022
2 years, 7 months ago

Monthly Digest Of Tax Cases- April 2022

Live Law  

Indirect Taxes Supreme Court 1.Plea In Supreme Court Challenges The Constitutional Validity Of Levy Of GST On Lease/ Rent Payments Case Title: Myrayash Hotels Pvt. 2.Show Cause Notice Completely Deficient In Material Particulars: Delhi High Court Quashes GST Registration Cancellation Order Case Title: Fada Trading Private Limited Versus Commissioner Goods and Service Tax Citation: 2022 LiveLaw 328 The Delhi High …

Monthly Digest Of Tax Cases- March 2022
2 years, 8 months ago

Monthly Digest Of Tax Cases- March 2022

Live Law  

Supreme Court Case Title: Tata Steel Ltd Versus The State Of Jharkhand And Ors. Case Title : Jai Singh Goel Versus Chief Commissioner Of Income Tax Citation: 2022 LiveLaw 175 A Bench of the Delhi High Court, consisting of Justices Manmohan and Navin Chawla, has ruled that an application seeking compounding of the offence under Section 276CC of the Income …

Belated Deposit Of PF And ESI Contribution Of Employees Cannot Be Added To Employer's Taxable Income: ITAT Delhi
2 years, 9 months ago

Belated Deposit Of PF And ESI Contribution Of Employees Cannot Be Added To Employer's Taxable Income: ITAT Delhi

Live Law  

The Single Bench of Delhi ITAT, consisting of judicial member Kul Bharat, has ruled that belated payment of employees' contribution to the Provident Fund and State Insurance Scheme cannot be added to the employer's taxable income as deemed income, if the said deposits are made before the due date of filing the income tax return under the Income Tax Act, …

Deadline For Income Tax Returns: Uttarakhand High Court Directs CBDT To Consider Representations
3 years, 11 months ago

Deadline For Income Tax Returns: Uttarakhand High Court Directs CBDT To Consider Representations

Live Law  

The Uttarakhand High Court on Friday directed the Central Board of Direct Taxes to consider representations seeking extension of due date of filing the Tax Audit Report and Income Tax Return for the assessment year 2021-21. A Division Bench of Chief Justice Raghvendra Singh Chauhan and Justice Manoj Kumar Tiwari observed that due to nationwide COVID19 pandemic, a large number …

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