TaxTonic #35: Penalty or Immunity - Prerequisites & Judicial Development...!

Episode Duration:

100 Minutes

Episode Background:
'TaxTonic', a 'subscriber only' thought leadership series, is Taxsutra's endeavour to consistently deliver top notch technical content to it's readers. The labyrinth of tax rulings on convoluted transactions keeps the world of taxation unpredictable and ever-evolving. This series will feature engrossing presentations, incisive analyses and a deep-dive by the tax experts on burning issues & controversies. So, gear up for a 'tonic' to chisel your tax mind and challenge your wit.

Speaker:

- Mr. Kishor Phadke (Kirtane & Pandit)

Moderator:
Mr. Sachin Sastakar (Chartered Accountant)

What shall the episode cover?

Penalty under Section 271(1)(c) for concealment of particulars of income or furnishing inaccurate particulars of income has been one of the most litigated provisions under the Income Tax Act. In order to bring objectivity, certainty and clarity in the penalty provisions, Finance Act, 2016 amended the law relating to this penalty by introducing new Section 270A. The law also provides immunity from the penalty subject to certain conditions under the new provisions. It is needless to say, the new provision is also mired with multiple interpretational issues due to the manner in which it is being invoked by the Revenue.

In this episode of TaxTonic, Taxsutra brings a thorough discussion on the scope and nuances of the new penalty and immunity provisions. The webinar largely covers:

1. Convergence and divergence of the old penalty regime with the new regime.

2. Prerequisites of 'Under-reporting' and 'Misreporting'.

3. Redressal mechanism for penalty under Section 270A.

4. Prerequisites of immunity under Section 270AA.

5. Judicial development on Sections 270A and 270A