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 April 2014 Year 2014 This

Penalty u/s 271(1)(c) - no penalty u/s 271(1)(c) of the Act can ...


No penalty under IT Act section 271(1)(c) if income u/s 115JB exceeds assessed income.

April 5, 2014

Case Laws     Income Tax     AT

Penalty u/s 271(1)(c) - no penalty u/s 271(1)(c) of the Act can be levied when the income u/s 115JB of the Act is higher than the assessed income - AT

View Source

 


 

You may also like:

  1. MAT is paid, additions were made to regular income, penalty not levied – 115JB, 271(1)(c)

  2. The Appellate Tribunal addressed the issue of penalty u/s 271(1)(c) concerning the correct classification of income. The Assessing Officer treated the income as 'income...

  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. Levy of Penalty u/s. 271(1)(c) - The ITAT ruled that since there was no variation between the returned and assessed income, there was no concealment of income by the...

  5. Penalty levied u/s 271 (1) (c) - As the appellants had disclosed the income, after detection by the department and as per the terms of settlement, the assessing officer...

  6. 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...

  7. Penalty u/s. 271(1)(c) - recording of specific finding or not? - In para 7 of the penalty order u/s. 271(1)(c), the Assessing Officer held that it is found to be a fit...

  8. Penalty u/s 271(1)(c) was levied by the Assessing Officer solely based on the order of the Income Tax Settlement Commission withdrawing immunity from penalty and...

  9. Interest u/s 234B - The term “assessed tax” has been defined in Explanation-1 of Section 234B (1). As per said Explanation-1 “assessed tax” means the tax on the total...

  10. Disallowance while computing the profit u/s 115JB - disallowance limited on an ad-hoc basis @ 1 % of the exempted income under the clause (f) to Explanation-1 of Sec....

  11. Penalty u/s 271(1)(c) - MAT u/s 115JB was greater than the regular income, book profit was taken as deemed total income u/s 115JB of the Act - penalty u/s 271(1)(c) of...

  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) - 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...

  14. Levy of penalty u/s. 271(1)(c) - Addition of LTCG - Assessing Officer while recording satisfaction has invoked both the charges of section 271(1)(c) - ambiguity and...

  15. MAT - Exempted income - adjustment to book profit u/s 115JB - there is no mechanism provided under the clause (f) to Explanation-1 of Sec. 115JB of the Act to make the...

 

Quick Updates:Latest Updates