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Income Tax - Highlights / Catch Notes

Home Highlights June 2012 Year 2012 This

Explanation versus bona finde explanation versus proper ...


Understanding Penalties u/s 271(1)(c) of Income Tax Act: Importance of Genuine Disclosure and Explanation in Tax Compliance.

June 28, 2012

Case Laws     Income Tax     AT

Explanation versus bona finde explanation versus proper disclosure - Penalty under section 271(1)(c) - AT

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  1. 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...

  2. Penalty u/s 271(1)(c) - Assessee filed return of income in response to notice u/s 148 - No difference between returned income and assessed income - Assessee voluntarily...

  3. Penalty under section 271(1)(c) - disclosure of income during search operation - such undisclosed income would get immunised from the levy of penalty. - AT

  4. Penalty levied u/s 271(1)(C) - exemption u/s 80-IC - income in the garb of fictitious cash sales - Assessing Officer as well as the Appellate Authority, rightly gave...

  5. 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...

  6. 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...

  7. 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...

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

  9. 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...

  10. 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...

  11. Penalty u/s 271(1)(c) - proof of contravention of provisions provided under explanation 5A to section 271(1)(c) - On reference to the provisions of explanation 5A to...

  12. 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...

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

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

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

 

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