Home Highlights June 2013 Year 2013 This

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1. Penalty u/s 271(1)(c) - sale of property - non-disclosure of the second sale deed - penalty restricted to the extent of non-disclosure of the second sale deed to be...

2. Levy of penalty u/s. 271(1)(c) - suppression of turnover - penalty imposed at the minimum amount of 100% of the tax sought to be evaded - The penalty imposed for both...

3. Penalty levied u/s 271(1)(c) - this is not a fit case for levy of 300% penalty. Therefore, we direct the assessing officer to levy minimum penalty i.e. 100% of the...

4. Determination of compounding fee u/s 279 - When the CBDT circular refers to the amount sought to be evaded, it must be seen and understood in light of the provisions...

5. Compounding of offence u/s 276C(1) - for compounding of offence u/s 276C(1) of the Act, 1961 would be permissible on payment of 100% of the tax sought to be evaded and...

6. Penalty u/s 43 of the Black Money (Undisclosed Foreign Income & Assets) and Imposition of Tax Act 2015 (BMA) - Even before the bank account was detected by the revenue...

7. Estimation of income - “real income/commission income” - Unexplained deposits in bank account - the assessee is engaged in the business of “cheque discounting” in order...

8. Penalty levied u/s 274 read with Section 270A - assessee computed tax on disallowed depreciation amount at maximum marginal rate and levied 200% penalty on payable tax -...

9. The CIT(A) partly allowed and restricted the addition on account of commission expenses at 0.25% as compared to 2% adopted by the Assessing Officer. The coordinate bench...

10. Levy of penalties u/ss 122 and 129 of CGST/SGST Acts - expiry of e-way bill - mens rea in penalty imposition. Technically, violation of law by petitioner in transporting...

11. Penalty u/s 129(3) of the Uttar Pradesh Goods and Services Tax Act, 2017 - goods detained on the ground that the goods were being transported on a vehicle different from...

12. Insertion of new section 270A - Penalty for underreporting and misreporting of income. - Appropriate provisions to cover minimum alternate tax and alternate minimum tax cases

13. MAT- Minimum alternate tax - where the assessee had shown receipts on account of prior period adjustment on account of income tax refund and reversal of provision of...

14. Levy of penalty - at the time of detention was that one of the E-Way Bills had expired - The High court held that mens rea to evade tax is essential for imposing...

15. Penalty for non deduction of tax at source - bona fide belief proved - penalty set aside - AT