Mere erroneous claim in the absence of any concealment or ...

Case Laws Income Tax

September 27, 2016

Mere erroneous claim in the absence of any concealment or furnishing of inaccurate particulars is not a ground for levying penalty especially when there is nothing on record to show that assessee has concealed any particulars or furnished any inaccurate particulars - AT

View Source

← Previous Next →

Mere erroneous claim in the absence of any concealment or ...

Case Laws Income Tax

September 27, 2016

You may also like:

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...

Penalty u/s 271(1)(c) - Making an incorrect claim in law cannot tantamount to furnishing inaccurate particulars under Section 271(1)(c) of the Act. Mere making of a...

Penalty u/s 271(1)(c) - addition made on account of mistake in treating the income from transfer of depreciable asset as long-term capital gain instead of short term...

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...

Penalty u/s 271(1)(c) - Necessity of recording satisfaction - AO Statement that the assessee has consciously made the concealment by furnishing inaccurate particulars of...

Penalty u/s 271(1)(c) - Whether 'mens rea' or deliberate attempt is not essential for levy of penalty - A mere making of the claim, which is not sustainable in law, by...

Penalty levied u/s 271(1)(c) - the mere disallowance under section 43B would not amount to concealment of income or furnishing inaccurate particulars of income - no penalty.

Penalty u/s 271(1)(c) - recording of satisfaction - mere direction in the assessment order to initiate penalty proceedings - Concealment/furnishing inaccurate...

The ITAT Mumbai considered a case involving a penalty u/s 271(1)(c) for concealment of income or furnishing inaccurate particulars of income. The Tribunal found the...

Penalty u/s 271(1)(c) - addition on account of addition under the head “Land Compensation and Rehabilitation Expenses” - mere making of the claim, which is not...

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...

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...

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...

Levy of penalty u/s. 271(1)(c) - disallowance made u/s. 35(2AB) - The Tribunal referred to the decision of the Hon’ble Supreme Court in the case of CIT vs. Reliance...

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...

Quick Updates: