Home Highlights May 2015 Year 2015 This

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1. Penalty u/s 271(1)(c) - Penalty order did not specify the particular limb under which penalty u/s 271(1)(c) is levied. AO has not specified that penalty is either levied...

2. Penalty u/s 271(1)(c) - Penalty under section 271(1)(c) of the Act is leviable to be imposed only where the assessee has concealed its particulars of income or furnished...

3. Penalty u/s 271(1)(c) of the Act is liable to be imposed only where the assessee has concealed its particulars of income or furnished inaccurate particulars. Action of...

4. 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...

5. Validity of the penalty u/s 271(1)(c) or 158BFA - AO has levied the penalty under section 271(1)(C) of the Act by observing that the assessee has concealed/furnished...

6. 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...

7. 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...

8. Penalty u/s 271(1)(c) - disallowance of excessive depreciation - cost of acquisition of wind mill - whether or not assessee is entitled to the benefit under proviso to...

9. Penalty u/s 271(1)(c) - recording of satisfaction - penalty initiated u/s 143(3) order for concealment of particulars of income - penalty imposed for furnishing of...

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

11. The crux pertains to levying penalty u/s 271(1)(c) for alleged furnishing of inaccurate particulars or concealment of income regarding capital gains computation on sale...

12. 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...

13. Penalty u/s 271(1)(c) - wrong claim of set off loss - explanation was not found false - no iota of evidence of concealment of any fact relating to particulars of income...

14. Penalty u/s 271)1)(c) - penalty for furnishing inaccurate particulars of income can neither be imposed nor sustained on enhancement of net profit rate based on an estimate

15. 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...