Revision u/s 263 - Penalty u/s 271(1)(c) dropped - voluntarily ...

Case Laws Income Tax

June 17, 2019

Revision u/s 263 - Penalty u/s 271(1)(c) dropped - voluntarily offer certain income in the form of cash deposits/FDRs - a perusal of the ‘order sheet’ noting of the A.O reveals that he had only after being satisfied with the reply filed by the assessee, therein concluded that the penalty proceedings initiated u/s 271(1)(c) were to be dropped - a plausible view of AO - revision quashed

View Source

← Previous Next →

Revision u/s 263 - Penalty u/s 271(1)(c) dropped - voluntarily ...

Case Laws Income Tax

June 17, 2019

You may also like:

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...

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...

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...

Revision u/s 263 - dropping of penalty u/s 271(1)(c) - neither the assessment order nor the show cause notice in this case did specify the charges leveled, whether it is...

Validity of confirmation of penalty u/s 271(1)(c) – ssessee miserably failed to offer an explanation for the cash credit raised in the form of share application money -...

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...

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...

Penalty u/s 271(1)(c) - on account of survey, if the assessee has offered additional income, it cannot be a ground to impose penalty under section 271(1)(c) unless...

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...

Penalty proceedings u/s 271(1)(c) r.w.s. 274 - additional income declared in the return filed in response to notice u/s 153A as compared to original returned filed u/s...

The assessment order passed u/s 153C was erroneous and prejudicial to the Revenue's interest. The Assessing Officer initiated penalty proceedings u/s 271AAC instead of...

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) - non recording of satisfaction - When satisfaction for initiation of penalty proceedings u/s 271(1)(c) of IT Act is recorded by the AO in...

Penalty u/s.271(1)(b) - no compliance to notice u/s 142(1) - The AO levied the penalty for non-compliance of notice dated 13.06.2016, however, there is no reference of...

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

Quick Updates: