Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights November 2023 Year 2023 This

Loss of immunity from Penalty u/s. 271AAA - Delay in payment ...


Eligibility for Immunity from Penalty Confirmed Despite Payment Delay u/s 271AAA Settlement Order.

November 22, 2023

Case Laws     Income Tax     AT

Loss of immunity from Penalty u/s. 271AAA - Delay in payment full tax as per the order of Settlement Commission (ITSC) - DR in argument mentioned that the assessee had lost the immunity, so penalty is justified. But remained silent about the application of Section 271AAA(2)(i) - In our considered view, the assessee is eligible for granting immunity for application of penalty u/s 271AAA - AT

View Source

 


 

You may also like:

  1. Penalty u/s 271(1)(c) was levied by the Assessing Officer solely based on the order of the Income Tax Settlement Commission withdrawing immunity from penalty and...

  2. Penalty u/s 271AAB or 271AAA - non issue of notice u/s 274 read with Section 271AAB - corrigendum issued stating that Section 271AAA should be read as Section 271AAB -...

  3. Penalty u/s 271AAA - There will not be any penalty to the extent of undisclosed income admitted during search - immunity available under sub-clause (2) of section 271AAA

  4. Validity of Settlement Commission order - validity of immunity granted to the assessee - Based on such disclosures and on noting that the appellant co-operated with the...

  5. 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...

  6. Where against main noticee/defaulter, the Settlement Commission has granted immunity from payment of any penalty, no penalty can be imposed upon other co-noticees - HC

  7. Validity of Settlement Commission orders - The case involved petitions seeking directives for the issuance of formal orders under section 245D (4) of the Income Tax Act,...

  8. Immunity - Settlement commission - Third person - The petitioner cannot challenge and question the order of the Settlement Commission being the beneficiary of the order. - HC

  9. Benefit of reduced penalty of 15% u/s 28(5) - Delay in payment of penalty due to Public Holiday - The appellant voluntarily paid the differential BCD and interest upon...

  10. immunity from imposing penalty u/s 270AA - Penalty u/s 270A for failure to file the return of income (ITR) - Under Section 270 AA of the Income Tax Act, immunity from...

  11. The assessing officer (AO) is empowered u/s 275(1A) to revise the penalty order by giving a reasonable opportunity of hearing to the assessee within six months from the...

  12. The Settlement Commission's order accepting the additional income offered as cash gifts from relatives was reasonable and fair. The immunity from penalty and prosecution...

  13. Penalty u/s 271AAA - immunity from penalty if tax and interest has been paid on undisclosed income surrendered - No time limit for payment - no penalty if tax paid...

  14. The Income Tax Settlement Commission (ITSC) has wide powers under Chapter XIX-A to examine and evaluate all aspects of an application for settlement, including calling...

  15. Penalty imposed u/s 112(a) - Import confectionary items from Dubai - immunity from prosecution and fine/penalty - Tribunal held that since the appellant was a co-noticee...

 

Quick Updates:Latest Updates