Home Highlights May 2016 Year 2016 This

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1. Penalty levied u/s 274 read with Section 270A - assessee computed tax on disallowed depreciation amount at maximum marginal rate and levied 200% penalty on payable tax -...

2. Penalty levied u/s 271(1)(C) - exemption u/s 80-IC - income in the garb of fictitious cash sales - Assessing Officer as well as the Appellate Authority, rightly gave...

3. Penalty order u/s 271AAB for treating an amount included in the Return of Income as 'undisclosed income' was found unjustified. The Commissioner of Income Tax (Appeals)...

4. Penalty levied by the AO u/s. 271AAB r.w.s. 274 - levy penalty of 30% on undisclosed income - the reasons given by the AO to levy 30% penalty on undisclosed income is...

5. Legal status of the assessee as a State or an agent of the State, based on Article 289 of the Constitution of India. It analyzes whether the assessee's activities are...

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

7. 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...

8. Levy of duty on inter-State sale of electricity - competence of the State legislature - The IGST Act which aims to levy tax on supply of goods which is in course of...

9. Levy of penalty u/s. 271F - assessee has filed the Return of Income after issuance of notice u/s. 148 of the Act, even though the taxable income of the assessee is...

10. Levy of penalty u/s 271(1)(c) - The assessee clearly had a bonafide explanation for not adding the unpaid tax liabilities to its income since it was contesting the very...

11. Penalty levied u/s 271AAB - assessee in the return of income has disclosed income on account of undisclosed jewellery - The assessee has neither earned any business...

12. Claim of modification in salary income during the assessment proceedings - Assessee changing income and reducing income offered in the return of income without filing...

13. Penalty proceedings u/s 271(1)(c) involved an addition based on estimation by the Assessing Officer, which was later re-estimated by the CIT(A) to disallow 10% of the...

14. Taxability of shipping income - Shipping income as dealt by Article-8 states that profits derived by an enterprise of a contracting state by operation of ships in...

15. Penalty u/s.271AAB - Belated filing of regular return after search - Penalty cannot be levied u/s.271AAB of the Act, in respect of income disclosed in regular return of...