Levy of penalty u/s 271 (1)(c) - Effect of amendment to clause 3 ...

Supreme Court Confirms Retroactive Penalty u/s 271(1)(c) of Income Tax Act; Amendment Deemed Clarificatory.

April 12, 2017

Case Laws Income Tax SC

Levy of penalty u/s 271 (1)(c) - Effect of amendment to clause 3 (iii) and Explanation 4 to section 271(1)(c) - SC confirmed the order of HC imposing penalty wherein it was observed that the amendment is clarificatory and not substantive and would apply even to assessment year prior to April 1, 2003

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Levy of penalty u/s 271 (1)(c) - Effect of amendment to clause 3 ...

Supreme Court Confirms Retroactive Penalty u/s 271(1)(c) of Income Tax Act; Amendment Deemed Clarificatory.

April 12, 2017

Case Laws Income Tax SC

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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...

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...

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Voluntary surrender of income by assessee cannot be considered concealment. AO failed to prove concealment, merely concluded voluntary surrender as concealment....

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...

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

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

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Penalty u/s 271(1)(C) - addition sustain on Bogus purchases - When it is not discernible from the assessment order as to whether assessee has furnished inaccurate...

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