Home Highlights July 2016 Year 2016 This

You may also like:

1. Penalties levied u/ss 271D and 271E were challenged. The assessee was found to have violated Sections 269SS and 269T. However, there was no concrete finding that the...

2. Validity of reopening of assessment - It is well settled Law that validity of the reassessment proceedings is to be judged with reference to the reasons recorded for...

3. 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 -...

4. Reopening of assessment after expiry of four years due to deemed dividend u/s 2(22)(e) was found invalid. The Assessing Officer (AO) failed to establish that the...

5. Levy of penalty u/s. 271A(2)(g) - default in compliance of TDS provision - financial crisis - The assessee has demonstrated from the material placed on record that...

6. Reopening of assessment u/s 147 was challenged. The Assessing Officer (AO) had disallowed 20% of total sundry creditors in the regular assessment u/s 143(3). The AO...

7. Penalty u/s 271(1)(c) - Assessee has failed to explain the source with support of evidence, but his explanation was not found to be false. The lapse committed at his end...

8. Penalty u/s 271D for violation of Section 269SS was challenged. ITAT held that where assessee received sale consideration for immovable property in cash exceeding Rs....

9. Penalty levied u/s 271AAB - Undisclosed income - Assessee has neither made any surrender of any undisclosed income during the search action nor the penalty has been...

10. The case pertains to the validity of reopening of assessment by the Assessing Officer (AO) and the characterization of short-term capital gains (STCG) from the sale of...

11. Penalty u/s 271D - violation of provisions u/s 269SS - cash receipt claimed as advance against sales - recording of the satisfaction by the AO is sine qua non for...

12. Revision u/s 263 - as per CIT AO had wrongly allowed the assessee exemption of capital gains claimed u/s 54B - Tribunal found that neither any inquiry was made by the AO...

13. Penalty proceedings u/s 270A - Applicable rate of penalty - The Appellate Tribunal noted that while the penalty notice cited under-reporting of income, the AO imposed...

14. The High Court held that the Assessing Officer (AO) could not reopen the assessment merely based on a belief that the average gross profit in the assessee's business...

15. The Appellate Tribunal considered the levy of penalty u/s 270A. The Assessing Officer (AO) imposed the penalty u/s 270A(9)(a) for misrepresentation of facts and...