Home Highlights June 2013 Year 2013 This

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1. Levy of penalty u/s 158BFA(2) - penalty has been levied on the amount of undisclosed income without providing any working of maximum and minimum penalty leviable - No penalty - AT

2. Offence u/s 276C(2) r/w 278B - Wilful attempt to evade tax, etc - Conduct of the petitioners itself would indicate that it was a case of delayed payment of tax or...

3. Imposition of penalty u/r 15(2) of CCR, 2004 - CENVAT Credit - No evidence of fraud, collusion, wilful misstatement, suppression of facts which are essential conditions...

4. Validity of the penalty u/s 271(1)(c) or 158BFA - AO has levied the penalty under section 271(1)(C) of the Act by observing that the assessee has concealed/furnished...

5. Revision u/s 263 - Even though the ld. CIT was rightfully entitled to take recourse to the Explanation 2, but thereafter he needed to bring the case with in any one or...

6. Levy of penalty u/s 54(1)(2) of the U.P. VAT Act, 2008 - men-rea - The Court concluded that mens rea is indeed an essential prerequisite for imposing a penalty under...

7. Penalty u/s 158BFA(2) - merely because the part of the addition has been confirmed by the Tribunal and the assessee has not filed appeal before the Hon’ble High Court...

8. Penalty proceedings u/s 271(1)(c) - Assessee company failed to provide bonafide explanation for inflated expenses claimed in revised return, contrary to audited...

9. Confirmation of penalty u/s 158BFA(2) of the Act – Furnishing of inaccurate particulars - U additons have been upheld on estimation basis , thus, no penalty is leviable - AT

10. Penalty order u/s 271AAA - disclosure of additions income pursuant to search u/s 132 - In the present case the assessee has disclosed the entire source of income and...

11. Penalty u/s 271(1)(c) - the money has been appropriated by ICICI Bank after collection and the assessee has claimed the deficiency in realization as Bad debts. The...

12. Additions u/s 2(22)(e) on account of deemed dividend - Accumulated profit - As per the provision of Explanation 2, all the profits of the company up to the date of...

13. Levy of penalty - taking CENVAT Credit irregularly - it is the contention of the Assessee that there is some element of discretion available in the adjudicating officer...

14. Penalty u/s 271(1)(c) - addition of deemed dividend u/s 2(22)(e) - the explanation of the transaction being commercial in nature for purchase of property - the...

15. Penalty under section 158BFA(2) - Assessment proceedings and penalty proceedings are different and independent to each other. The addition or part of the addition could...