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 November 2015 Year 2015 This

Penalty under section 271(1)(c) - The return was revised with a ...


Revised Tax Return Submitted to Avoid Litigation; No Penalty Imposed u/ss 271AAA or 271(1)(c.

November 16, 2015

Case Laws     Income Tax     AT

Penalty under section 271(1)(c) - The return was revised with a view to co-operate the Department and to buy peace and to avoid litigation. The disclosure was with a specific plea that no penalty proceedings be initiated under section 271AAA or 271(1)(c) - No Penalty - AT

View Source

 


 

You may also like:

  1. Penalty levied u/s.271(1)(c) - revised return filed - assessee has adopted the recourse of avoiding litigation, therefore, revised the return to buy peace of mind - no...

  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 being 300% by invoking Section 271(1)(c) - return was revised before completion of assessment - Revenue is not justified in imposing penalty under Section 271(1)(c) - HC

  5. Levy of Penalty u/s 271(1)(c) in case of voluntary surrender of income - disallowance of claim of loss - Assessee offered the loss voluntarily to avoid litigation and...

  6. 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,...

  7. Penalty u/s. 271(1)(c) - If AO accepted the revised return, there was no question of making inadmissible claim of deduction u/s 10B in such revised return. In fact,...

  8. Levy of penalties u/ss 122 and 129 of CGST/SGST Acts - expiry of e-way bill - mens rea in penalty imposition. Technically, violation of law by petitioner in transporting...

  9. Penalty u/s 271AAA or 271(1)(c) - The penalties u/s 271(1)(c) and 271AAA are attracted in different situations and both are mutually exclusive. Having initiated the...

  10. 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...

  11. 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...

  12. The ITAT held that penalty u/s 271(1)(c) was not imposable on the assessee. The assessee had voluntarily paid tax on income from sale of shares three years prior to...

  13. Penalty u/s.271(1)(c) or penalty u/s.271AAA - The provisions of Section 271AAA(3) of the Act specifically excludes the provisions of Section 271(1)(c) of the Act for the...

  14. 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...

  15. 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...

 

Quick Updates:Latest Updates