Penalty u/s.271(1)(c) - claimed higher deduction u/s.36(1)(viia) ...

No Penalty for Higher Deduction Claim u/s 36(1)(viia) Due to Bona Fide Auditor Opinion.

May 1, 2019

Case Laws Income Tax AT

Penalty u/s.271(1)(c) - claimed higher deduction u/s.36(1)(viia) based on opinion of the Central Statutory Auditors - latter on based on different view canvassed against the other banks, reduced the claim of deduction to the actual amount of provision created in the books of account by revised return - it is a clear cut case of bona fide opinion - no penalty

View Source

← Previous Next →

Penalty u/s.271(1)(c) - claimed higher deduction u/s.36(1)(viia) ...

No Penalty for Higher Deduction Claim u/s 36(1)(viia) Due to Bona Fide Auditor Opinion.

May 1, 2019

Case Laws Income Tax AT

You may also like:

The assessee claimed excess deduction u/s 36(1)(viia) for provision for bad and doubtful debts, leading to escapement of income. The Assessing Officer rightly formed the...

Disallowance of bad debts as claimed u/s 36(1)(viia) - deduction claimed @10% of aggregate average advances - AO is directed to make relevant enquires and verifications...

The case pertains to deductions claimed by the assessee u/ss 36(1)(vii) and 36(1)(viia) of the Income Tax Act for amounts written off by rural branches and the...

Allowability of deduction for payment EPF, LWF and ESI after due date - to claim the benefit of deduction u/s 36(1)(va) payment has to be made before the due date...

Penalty for non deduction of tax at source - bona fide belief proved - penalty set aside - AT

Deduction u/s 36(1) (viia) - section 36(1) (viia) clearly provides for deduction of 7.5 % of the total income and a further deduction of 10 % of the aggregate of...

Expenses incurred by overseas branch – Deduction u/s. 44C has to be given after taking into account deduction u/s. 36(1)(viia) and deduction u/s.36(1)(viia) has to be...

Claim u/s 36(1)(viia) restricted only for provision for rural debts - AT

The assessee failed to file the original return of income, and the Assessing Officer initiated penalty proceedings for underreporting income. The assessee's authorized...

Decline of claim of deduction u/s 36(1)(viia) of the Act with reference to the advance made by rural branches - Assessing Officer to recompute the amount of deduction...

A bank is eligible to claim deduction towards provision for bad and doubtful debts u/s 36(1)(viia), irrespective of whether it has rural or non-rural advances. The...

Reopening of assessment u/s 147 - claim of deduction u/s 36(1)(viia) - provision for Non-Performing Advances as per the RBI Regulations - The court observed that the...

Disallowance being payment of Provident Fund and ESI u/s.36(1)(va) - The auditor in the audit report specifies the due date as prescribed u/s. 36(1)(va) of the Act and...

Deduction u/s 36(1)(viia) - revenue had not taken any action against the directions of the Tribunal as per the original order, and therefore the directions have...

Penalty u/s 271(l)(c) - The assessee has immediately on receipt of the notice u/s 142(1) has revised the computation of income restricting the deduction claimed u/s 54F...

Quick Updates: