Natural justice in tax penalties

Recent Landmark Decisions where the ITAT Dropped Penalties under Section 270A of the Income-Tax Act

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Section 270A of the Income-tax Act, 1961, introduced with effect from Assessment Year 2017-18, aims to penalize cases of under-reporting and misreporting of income. It replaced the older Section 271(1)(c), streamlining the penalty mechanism with fixed rates and detailed categorization. However, despite its clarity …

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Once Resolution Plan under IBC Approved & Implemented, No Penalty Proceedings can Continue for Prior Defaults: Gujarat HC

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In a landmark ruling, the Gujarat High Court quashed multiple income tax penalties against Technovaa Plastic Industries, reinforcing legal protection for companies under approved IBC resolution plans. This judgment highlights critical safeguards against arbitrary penalties, particularly under Section 270A of …

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