Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: due date for vat payment :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: empanelment :: list of goods taxed at 4% :: TDS :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES
 
 
From the Courts »
  Commissioner Of Income Tax, Delhi-Iv Vs. DLF Universal Ltd.
 Commissioner Of Income Tax, Delhi-Iv Vs. DLF Universal Ltd.
 Jcb India Ltd. Vs. Deputy Commissioner Of Income Tax &
 Saheb Ram Om Prakash Marketing Pvt Ltd Vs. Commissioner Of Income Tax & ORS
 Tulsi Tracom Private Limited Vs. Commissioner Of Income Tax – 9
 M/s Brothers & Sisters Enterprise vs. JCIT (ITAT Kolkata)
 PCIT vs. Delhi Airport Metro Express Pvt. Ltd (Delhi High Court)
 CIT vs. Deepak Kumar Agarwal (Bombay High Court)
 Bumper quarter of mergers and acquisitions
  Pr CIT vs. Mera Baba Reality Associates Pvt Ltd (Delhi High Court)
 CIT vs. Parle Bisleri Ltd (Bombay High Court)

No penalty if delay in filing returns is genuine: ITAT
August, 21st 2010

In an order that will help companies and individuals who face penalty proceedings on account of the delay in filing returns, a Delhi bench of the Income-Tax Appellate Tribunal (ITAT) has ruled that penalty cannot be levied if there is a genuine reason for the delay.

The ITAT order issued in the first week of August came in the case of Open Technologies India who filed the appeal against the Rs1 lakh penalty imposed on it by the I-T department because of an alleged delay in filing a report from a Transfer Pricing Accountant.

The ITAT, while waiving the penalty observed that penalty proceedings are quasi criminal proceedings and should not be levied unless there is reason to believe that the tax-payer had acted deliberately in defiance of law or acted in conscious disregard of its obligation. This was not the case here, ITAT ruled.

KPMG, in a note issued on the ITAT verdict, stated that the Income-tax Act come to the rescue of the tax payer if the reason for delay in filing returns is genuine. But KPMG further said, But the judgement has not considered circular 9/2006 dated 10 October 2006 issued by the CBDT wherein it was explicitly clarified that the Accountants Report (Form 3 CEB) has to be furnished with the tax authorities within the due date.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Content Management System development CMS development Content Management Solutions CMS Solutions Content Management Services CMS Services CMS Software

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions