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Income Tax Penalties in Current Context

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Author(s)

Avadhesh Ojha, Nisha Bhandari

Publisher

Tax Publisher

ISBN

Edition

2017

Pages | Format

Approx. Product Size

Note : The book "Income Tax Penalties in Current Context" contains 71 chapters.

Preface

Human nature is such that many of us tend not to fully co-operate with the governmental effort of revenue generation or collection, all for our personal gains. As a matter of fact, violation of the rules or statutory provisions of any kind is almost the order of the day, more particularly in this country. That apart, certain unintended defaults may be committed even by right thinking persons, even though they may be intending to be on the right side of law. It is this factor which is the reason behind so many of the provisions in fiscal enactments being meant for imposing adverse penal consequences against violation of the rules which ought to be followed. Income Tax Act could not have been an exception and, therefore, a whole Chapter XXI, entitled “Penalties Imposable” and comprising as many as 38 Sections [spread between sections 270 to 275] are devoted thereto.

As Income Tax Act provides for various kinds of statutory, procedural or other obligations, corresponding penalties for not meeting out each of such obligations have been duly provided. This is why the number of penalty provisions is so large.

Of all the litigations being contested at various levels beginning with that of the Assessing Officer to Supreme Court, those relating to penalties constitute a sizable percentage. Assessments, particularly those which undergo scrutiny, and matters emerging from reopening of the assessments, surveys, searches seizures, etc., invariably generate initiations of penalty proceedings invariably culminating into imposition of penalty. What usually, though unfortunately, happens in practice is that the officers imposing penalties go overenthusiastic and quantums of penalties imposed attain fantastic proportions threatening the very existence of the assessees.

The Finance Act, 2016 has, of late, made significant changes in penalty related provisions as penalty under section 271(1)(c) for concealment and furnishing of inaccurate particulars of income has now been replaced by the penalty for underreporting and mis-reporting of income. For this purpose two new sections 270A and 270AA have been inserted in the Income Tax Act with effect from the assessment year 2017-18 and simultaneously a sunset clause has been inserted in section 271 in order to make it inoperative w.e.f. the same assessment year 2017-18.

The subject matter of the present book aiming at providing a practice specific aid to the Income Tax Consultations, is divided in Seven Parts, as under :

Part I

Basic Issues as to Penalty Proceedings

Part II

Penalty for Underreporting and Misreporting of Income [Sections 270A and 270AA]

Part III

Penalties Other than Penalty for Underreporting and Misreporting of Income

Part IV

Waiver, Reduction and Non-Imposition of Penalty [Sections 273, 273AA and 273B]

Part V

Procedural Aspects and Limitation Vis-a-Vis Penalty Levy [Sections 274 and 275]

Part VI

Appellate Remedy With Stay Specific Issues

Part VII

Conveyancing Aspects with Solutions

A sort of logical and systematic classification of the rather comprehen-sive subject-matter envisaged by us is likely to be of help in providing an easy grasp into, and appreciation of, the numerous penalty provisions that may be invoked. The newest of the penalty provisions inserted by the Finance Act, 2016, by the Taxation Laws (Second Amendment) Act, 2016 and also by the Finance Act, 2017 which include penalty for underreporting of income and penalty post demonetisation, have all been discussed elaborately with the view to providing deeper insights into them.

The unique feature of providing regular updates regarding significantly important Case Law, Circulars, Notifications, etc., pertaining to the subject matter of this book, through URL mentioned on page (iii) in the opening pages, is an icing on the cake. This for free service would be available till December 2017.

Comprehensiveness and all pervasiveness of the text in the book may be judged by over 1300 Case Law citations discussed and incorporated therein.

We have tried our very best to make this book able to serve its objectives vis-a-vis assessees, consultants, assessing officers, courts, etc., without any prejudices or compromises. We hope that we will be blessed with enthusiastic response for this product as it certainly is of tremendeous use for each and every person having anything to do with direct taxes. We would however welcome constructive suggestions from our learned readers for any kind of improvement in our forthcoming editions.

Chapter No	Chapter name
PART: I	BASIC ISSUES AS TO PENALTY PROCEEDINGS
Chapter: 1	Principles Relating to Penalty Proceedings
Chapter: 2	Principle of Natural Justice Vis-a-Vis Penalty Proceedings
Chapter: 3	Penalty Proceedings Vis-a-Vis Assessment Proceedings
PART: II	PENALTY FOR UNDERREPORTING AND MISREPORTING OF INCOME [SECTIONS 270A AND 270AA]
Chapter: 4	Penalty for Underreporting and Misreporting of Income [Section 270A]
Chapter: 5	Underreporting of Income--Statutory Position and Instances
Chapter: 6	Misreporting of Income--Statutory Position and Instances
Chapter: 7	Computation of Underreported Income
Chapter: 8	Computation of Tax Payable on Underreported Income and Penalty Leviable Under Section 270A
Chapter: 9	Underreported Income and Penalty Under Section 270A in Loss Cases
Chapter: 10	Penalty for Underreported Income Where MAT or AMT Provision Applicable
Chapter: 11	Determination of Underreported Income Where Source of Receipt Related to Earlier Years
Chapter: 12	No Penalty Under Section 270A in Case of Bona Fide Explanation
Chapter: 13	Determination of Underreported Income on the Basis of Estimate
Chapter: 14	Penalty on Underreported Income in Case of International Transaction
Chapter: 15	Penalty on Undisclosed Income of Specified Previous Year Found in Search Cases
Chapter: 16	Immunity from Penalty Levied Under Section 270A [Section 270AA]
PART: III	PENALTIES OTHER THAN PENALTY FOR UNDERREPORTING AND MISREPORTING OF INCOME
Chapter: 17	Penalty for Failure to Keep, Maintain or Retain Proper Books of Account, Documents, Etc. [Section 271A]
Chapter: 18	Penalty for Failure to Keep and Maintain Information and Document in Respect of Certain Transactions [Section 271AA]
Chapter: 19	Penalty on Undisclosed Incomes Found in Search Cases [Section 271AAB]
Chapter: 20	Penalty in Respect of Income Referred to in Sections 68 to 69D [Section 271AAC]
Chapter: 21	Penalty for Failure to Get Accounts Audited [Section 271B]
Chapter: 22	Penalty for Failure to Furnish Report Under Section 92E [Section 271BA]
Chapter: 23	Penalty for Failure to Deduct Tax at Source [Section 271C]
Chapter: 24	Penalty for Failure to Collect Tax at Source [Section 271CA]
Chapter: 25	Penalty for Failure to Comply with Section 269SS [Section 271D]
Chapter: 26	Penalty for Failure to Comply with Section 269ST [Section 271DA]
Chapter: 27	Penalty for Failure to Comply with Provisions of Section 269T [Section 271E]
Chapter: 28	Escapement From Penalty Under Sections 271D and 271E Owing to Reasonable Cause
Chapter: 29	Penalty for Failure to Furnish Return of Income [Section 271F, Relevant Upto Asst. Yr. 2017-18]
Chapter: 30	Penalty for Failure to Furnish Statement of Financial Transaction or Reportable Account or for Furnishing Inaccurate Statement of Financial Transaction or Reportable Account [Sections 271FA, 271FAA]
Chapter: 31	Failure to Furnish Statement or Information or Document by Eligible Investment Fund [Section 271FAB]
Chapter: 32	Penalty for Failure to Furnish Information or Document Under Section 92D [Section 271G]
Chapter: 33	Penalty for Failure to Furnish Information or Document Under Section 285A [Section 271GA
Chapter:34	Penalty for Failure to Furnish Report or for Furnishing Inaccurate Report Under Section 286 [Section 271GB]
Chapter: 35	Penalty for Failure to Furnish TDS/TCS Statements, Etc. [Section 271H]
Chapter: 36	Penalty for Failure to Furnish Information or Furnishing Inaccurate Information Under Section 195(6) [Section 271-I]
Chapter: 37	Penalty for Furnishing Incorrect Information in Reports or Certificates [Section 271-J]
Chapter: 38	Penalty for Failure to Answer Questions, Sign Statements, Furnish Information, Returns or Statements, Allow Inspections, Etc. [Section 272A]
Chapter: 39	Penalty for Failure to Comply with Provisions of Section 133B [Section 272AA]
Chapter: 40	Penalty for Failure to Comply with Provisions of Section 139A [Section 272B]
Chapter: 41	Penalty for Failure to Comply with Section 203A [Section 272BB]
PART: IV	WAIVER, REDUCTION AND NON-IMPOSITION OF PENALTY [SECTIONS 273, 273AA AND 273B]
Chapter: 42	Possibilities of Reducing or Waiving Penalty in Certain Cases [Section 273A]
Chapter: 43	Disclosure in Good Faith and Voluntarily and Co-operation by Assessee
Chapter: 44	Exercise of Jurisdiction by Principal Commissioner or Commissioner Under Section 273A
Chapter: 45	Power of Principal Commissioner or Commissioner Under Section 273A(4) for Waiver or Reduction of Penalty
Chapter: 46	Power of Principal Commissioner or Commissioner to Grant Immunity from Penalty [Section 273AA]
Chapter: 47	Penalty Not to be Imposed Where Reasonable Cause Exists [Section 273B]
PART: V	PROCEDURAL ASPECTS AND LIMITATION VIS-A-VIS PENALTY LEVY [SECTIONS 274 AND 275]
Chapter: 48	Procedure Regarding Levy of Penalty [Section 274]
Chapter: 49	Limitation Period for Imposition of Penalty [Section 275]
PART: VI	APPELLATE REMEDY WITH STAY SPECIFIC ISSUES
Chapter: 50	Availability of Appeal Against Order Imposing Penalty
Chapter: 51	Stay of Demand for Penalty
PART VII	CONVEYANCING ASPECTS WITH SOLUTIONS
Chapter: 52	Common Defences Available in Penalty Proceedings
Chapter: 53	Limitation Period for Imposition of Penalty [Section 275]
Chapter: 54	Notice Under Section 271AA Before Levying Penalty for Failure to Maintain Books as to International Transaction
Chapter: 55	Notice Under Section 271B for Failure to Get Tax Audit Done and Submission of Audit Report
Chapter: 56	Notice Under Section 271BA Before Levying Penalty for Failure to Furnish Audit Report in Case of International Transaction or Specified Domestic Transaction
Chapter: 57	Notice Under Section 271C Before Levying Penalty for Failure to Deduct Tax at Source
Chapter: 58	Notice Under Section 271CA Before Levying Penalty for Failure to Collect Tax at Source
Chapter: 59	Conveyancing Tips Pursuant to Failure in Complying With Provisions of Section 269SS
Chapter: 60	Conveyancing Tips Pursuant to Failure in Complying with Provisions of Section 269T
Chapter: 61	Notice Under Section 271FA Before Levying Penalty for Failure to Furnish Statement of Financial Transaction or Reportable Account
Chapter: 62	Notice Under Section 271FAA Before Levying Penalty for Furnishing Inaccurate Statement of Financial Transaction or Reportable Account
Chapter: 63	Notice Under Section 271G Before Levying Penalty for Failure to Furnish Any Such Information or Document Under Section 92D(3)
Chapter: 64	Notice Under Section 271H Before Levying Penalty for Failure to Furnish TDS and TCS Statement
Chapter: 65	Notice Under Section 272A(1) Before Levying Penalty for Specific Failure
Chapter: 66	Notice Under Section 272A(2) Before Levying Penalty for Various Failures
Chapter: 67	Notice Under Section 272A(2)(l) Before Levying Penalty for Non-Furnishing of Quarterly Return Under Section 206A
Chapter: 68	Notice Under Section 272AA Before Levying Penalty for Failure to Comply with Provisions of Section 133B
Chapter: 69	Notice Under Section 272B Before Levying Penalty for Failures to Comply with Provisions Relating to PAN
Chapter: 70	Notice Under Section 272BB Before Levying Penalty for Failure to Comply with Provisions of Section 203A
Chapter: 71	Application for Stay of Penalty