Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights May 2017 Year 2017 This

Penalty u/s 271(1)(c) - assessee did not furnish inaccurate ...


High Court Rules No Penalty for Assessee; Claim Based on Chartered Accountant's Advice Not Concealment u/s 271(1)(c.

May 18, 2017

Case Laws     Income Tax     HC

Penalty u/s 271(1)(c) - assessee did not furnish inaccurate particulars with the intention to conceal income and rather it made a claim on the advise of the chartered accountant which was found to be not correct - No penalty - HC

View Source

 


 

You may also like:

  1. 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...

  2. Penalty proceedings u/s 271(1)(c) - Assessee company failed to provide bonafide explanation for inflated expenses claimed in revised return, contrary to audited...

  3. 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...

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

  5. 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...

  6. Penalty u/s. 271(1)(c) - Auditors report obtained by the assessee cannot override Income Tax provisions and just because the assessee's claim is supported by a chartered...

  7. Penalty u/s.271(1)(c) - undisclosed investment - The assessee cannot shift his responsibility to its Chartered Accountant. Further the assessee stated it was ill advised...

  8. 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...

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

  10. To impose penalty u/s 271(1)(c), willful concealment is not an essential ingredient - HC

  11. 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...

  12. Non-filer assessee had taxable income but failed to file return u/s 139(1), later filed return in response to notice u/s 148 without considering section 50C provisions,...

  13. 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...

  14. 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...

  15. Imposition of penalty u/s 271(1)(c) of the Income Tax Act for two types of additions: (1) the addition made u/s 50C on the difference between stamp duty value and sale...

 

Quick Updates:Latest Updates