Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights March 2014 Year 2014 This

Levy of penalty u/s. 271(1)(c) of the Act - Profit earned from ...


Penalty u/s 271(1)(c) for Undisclosed Business Profits: Minimum 100% Penalty Required for Justice.

March 6, 2014

Case Laws     Income Tax     AT

Levy of penalty u/s. 271(1)(c) of the Act - Profit earned from undisclosed business - The interest of justice requires that minimum penalty at the rate of 100% may be levied - AT

View Source

 


 

You may also like:

  1. Penalty levied u/ss 271(1)(c) and 271AAA for unexplained investment and addition made by adopting net profit as per the books of accounts at 12.85% on the suppressed...

  2. This case deals with the levy of penalties u/ss 271AAA and 271(1)(c) of the Income Tax Act in relation to various additions made to the assessee's income based on seized...

  3. Penalty u/s 271(1)(c) - CIT(A) has given direction to the Assessing Officer to levy penalty equivalent to 100% tax under section 271(1)(c) of the Act. Mere estimate of...

  4. 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...

  5. Penalty u/s 271(1)(c) - furnished wrong particulars of its income in terms of profits u/s 115JB - Computation of Minimum Alternate Tax (MAT) - levy of penalty confirmed - AT

  6. Penalty u/s 271(1)(c) - profits from sale and purchase of agricultural land shown as capital gain instead of profits and gains from business - No penalty - AT

  7. 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...

  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. Penalty u/s 271(1)(c) was levied on additional income voluntarily offered in the statement recorded u/s 132(4). However, no reference was made to corroborative...

  10. Penalty u/s 271(1)(c) - the fact that the assessee and his son have declared the undisclosed income in their individual return of income and have paid taxes but capital...

  11. Penalty u/s 271 AAB or u/s 271 (1)(c) - concealment on income - as per clause (2) of section 271AAB, no penalty under the provisions of clause (c) of sub-section (1) of...

  12. Penalty levied u/s. 271(1)(c) - Suo-moto declaration of undisclosed assets located outside India under section 59 of the Black Money (Undisclosed Foreign Income and...

  13. Levy of penalty u/s 271(1)(c) - disallowance of bogus purchases by applying the profit rate - Once there is no reason to disbelieve the sales made by the assessee and...

  14. Imposition of penalty u/s 271(1)(c) of the Income Tax Act for two types of additions: (1) the addition made u/s 50C on the difference between stamp duty value and sale...

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

 

Quick Updates:Latest Updates