Penalty under section 271(1)(c) on addition of rental income - ...

Penalty u/s 271(1)(c): Rental Income Addition Doesn't Automatically Justify Penalty; Assessment and Penalty Proceedings Are Separate.

November 13, 2015

Case Laws Income Tax AT

Penalty under section 271(1)(c) on addition of rental income - the assessment proceedings and penalty proceedings are quite distinct and the findings given in the assessment order are not conclusive. Accordingly, mere addition of amount as income is not the criteria to levy penalty. - AT

View Source

← Previous Next →

Penalty under section 271(1)(c) on addition of rental income - ...

Penalty u/s 271(1)(c): Rental Income Addition Doesn't Automatically Justify Penalty; Assessment and Penalty Proceedings Are Separate.

November 13, 2015

Case Laws Income Tax AT

You may also like:

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...

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

Penalty proceedings u/s 271(1)(c) - Failure of the assessee to explain the source of cash deposit in the bank account - burden of proof - The ITAT acknowledged the...

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...

Monetary limit for filing of appeal by revenue in case of penalty - Penalty u/s 271(1)(c) on bogus purchases - Quantum proceedings and penalty proceedings are...

Penalty u/s 271(1)(c) - Any addition/disallowances made during the quantum proceedings does not automatically justify the levy of the penalty under section 271(1)(c) -...

Rental income determination - assessee jointly owns 50% house property in Singapore with wife - offered 100% rental income for AY 2014-15 erroneously, rectified in...

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...

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...

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...

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...

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

Penalty u/s 271(1)(c) - non recording of satisfaction - When satisfaction for initiation of penalty proceedings u/s 271(1)(c) of IT Act is recorded by the AO in...

The Appellate Tribunal held that despite the addition u/s 69B of the Income Tax Act being justified, the penalty u/s 271(1)(c) cannot be levied due to ambiguity...

Penalty u/s 271(1)(c) - estimation of income - bogus purchases - penalty u/s 271(1)(c) of the Act cannot be levied where the addition is made on estimate basis - AT

Quick Updates: