Levy of penalty u/s 271(1)(c) - merely treating the business ...

Reclassifying Business Loss as Speculation Loss Doesn't Justify Penalty u/s 271(1)(c) for Income Concealment.

October 21, 2016

Case Laws Income Tax AT

Levy of penalty u/s 271(1)(c) - merely treating the business loss as speculation loss by the AO does not automatically warrant inference of concealment of income or furnishing of inaccurate particulars of income - AT

View Source

← Previous Next →

Levy of penalty u/s 271(1)(c) - merely treating the business ...

Reclassifying Business Loss as Speculation Loss Doesn't Justify Penalty u/s 271(1)(c) for Income Concealment.

October 21, 2016

Case Laws Income Tax AT

You may also like:

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

This case deals with the penalty u/s 271(1)(c) of the Income Tax Act, imposed for disallowance of losses on forex derivatives treated as speculative losses and...

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...

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...

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...

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...

Penalty u/s 271(1)(c) - additional income was declared in survey u/s 133A - date of filing of return u/s 139(1) had not expired - The fact of “concealment of income” and...

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...

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...

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

Penalty for concealment of income Under Section 271(1) (c) - Article

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

Penalty u/s 271(1)(c) was levied on additional income voluntarily offered in the statement recorded u/s 132(4). However, no reference was made to corroborative...

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...

Penalty 271(1)(c) - additions on account of donation and charity, and on account of loss on sale of assets, which were debited to the profit and loss account - The ITAT...

Quick Updates: