Home Highlights October 2014 Year 2014 This

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1. Penalty u/s 271(1)(c) - bonafide belief - Taxability of capital gain arises on sale of land - in absence of any monetary consideration assessee was under a bonafide...

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

3. 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...

4. Penalty u/s 271(1)(c) - The assessee had short term capital gain on sale of land which was wrongly claimed as long term capital gain by substituting year of acquisition...

5. Penalty u/s 271(1)(c) - bonafide belief - restriction of claim of deduction u/s 80IC to 25% from 100% claimed on account of substantial expansion - differing orders...

6. Penalty u/s 271(1)(c) - Making an incorrect claim in law cannot tantamount to furnishing inaccurate particulars under Section 271(1)(c) of the Act. Mere making of a...

7. 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...

8. Levy of penalty u/s 271(1)(c) - Capital gain on sale of property - Allegation of the AO that, return of income has not been filed voluntarily - There was a reasonable...

9. Penalty u/s 271(1)(c) - claim of depreciation at 10% is under the bonafide belief that the residential quarters were utilized for the hospital purpose and formed part...

10. 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...

11. Penalty u/s 271(1)(c) - Explanation is bonafide is, we find, supported by the fact that during assessment proceedings the assessee, realizing his mistake even before...

12. The assessee challenged the penalty imposed u/s 271(1)(c) for short credit of sale consideration received from the sale of copyrights and cable rights. The issue...

13. 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

14. The assessee had not offered short-term capital gain u/s 50 on the sale of a depreciable fixed asset as income in the return or during scrutiny proceedings. The issue...

15. Levy of penalty u/s 271(1)(c) - weighted deduction u/s 35(1)(ii) claimed in the original return and later in the return filed in response to notice u/s 148 of the Act,...