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Income Tax - Highlights / Catch Notes

Home Highlights September 2013 Year 2013 This

Penalty for concealment of income u/s 271(1)(c) of the Income ...


High Court Rules No Penalty for Concealing Income u/s 271(1)(c) Due to Bona Fide Belief on Capital Loss Claim.

September 25, 2013

Case Laws     Income Tax     HC

Penalty for concealment of income u/s 271(1)(c) of the Income Tax Act - Claim of capital loss as bad debt - bonafide belief - no penalty - HC

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  1. The assessee failed to file the original return of income, and the Assessing Officer initiated penalty proceedings for underreporting income. The assessee's authorized...

  2. Penalty u/s 271(1)(c) was imposed despite the assessee withdrawing the exemption claim u/s 10(38) for Long Term Capital Gain (LTCG) on sale of penny stocks and offering...

  3. The assessee had conceded the compensation income to be included as income from other sources. However, upon judicial examination, the compensation was found to be...

  4. Penalty u/s. 271(1)(c) - The Revenue argued that the assessee's actions constituted furnishing inaccurate particulars of income or concealing income. However, the High...

  5. Penalty under section 271(1)(c) – assessee in bona fide belief that Dharmada collections were not part of its income but were diverted by an overriding title towards...

  6. Penalty u/s 271(1)(c) - Gain on sale of land - Bona-fine belief that the land under consideration was an agricultural land only - No mala-fide intention could be...

  7. Penalty 271(1)(c) - additions on account of donation and charity, and on account of loss on sale of assets, which were debited to the profit and loss account - The ITAT...

  8. Penalty levied u/s 271(1)(c) - deduction of LTCG u/s 54F - The assessee acted in bona fide belief and made the claim is not acceptable due to any reason and was...

  9. Penalty u/s 271(1)(c) - failure on the part of legal heir of the deceased assessee to explain the source of part of the deposits - The mere failure on the part of the...

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

  11. This case deals with the penalty u/s 271(1)(c) of the Income Tax Act, imposed for disallowance of losses on forex derivatives treated as speculative losses and...

  12. The Assessing Officer (AO) consciously deleted irrelevant portions from the show cause notice, mentioning only the charge of furnishing inaccurate particulars of income....

  13. Penalty u/s. 271(1)(c) - difference between the returned income (loss) and income(loss) as per computation - the claim made by the Assessee as bona fide and therefore...

  14. Penalty u/s 271(1)(c) was imposed for excess deduction claimed u/s 10B. The assessee furnished all relevant facts for computing total income, and provided detailed...

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