Penalty u/s 271(1)(c) - the onus lies on the assessee to ...

Taxpayer Must Prove No Income Concealment Under MAP; Section 92C Compliance Essential; Section 271(1)(c) Penalties Valid.

June 20, 2019

Case Laws Income Tax HC

Penalty u/s 271(1)(c) - the onus lies on the assessee to establish that the addition sustaied by Mutual Agreement Procedure(MAP) under DTAA with India and other sovereign countries is not due to concealment of income or furnishing of inaccurate particulars and the computation was made u/s 92C in the manner prescribed under that Section, in good faith and with due diligence - penalty provision relating to this is not ultra virus

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Penalty u/s 271(1)(c) - the onus lies on the assessee to ...

Taxpayer Must Prove No Income Concealment Under MAP; Section 92C Compliance Essential; Section 271(1)(c) Penalties Valid.

June 20, 2019

Case Laws Income Tax HC

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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....

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...

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

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...

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...

The Income Tax Appellate Tribunal (ITAT) held that every non-compliance with a notice u/s 142(1) gives a separate cause of action for levying penalty u/s 271(1)(b)....

The Appellate Tribunal held that the penalty imposed u/s 272A(1)(d) for non-compliance with notices u/s 142(1) was not legally valid. The Assessing Officer failed to...

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...

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...

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

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...

The case involves penalty imposition u/s 272A(1)(d) for non-compliance with statutory notices issued u/ss 143(2) and 142(1). Assessee explained non-compliance due to a...

Penalty u/s 271 AAB or u/s 271 (1)(c) - concealment on income - as per clause (2) of section 271AAB, no penalty under the provisions of clause (c) of sub-section (1) of...

Levy of penalty u/s 272A(1)(d) - The bonafide or other wise malafide of non compliance is also required to be kept in mind. The tax and interest are statutory levies,...

Penalty u/s. 271(1)(c) - recording of specific finding or not? - In para 7 of the penalty order u/s. 271(1)(c), the Assessing Officer held that it is found to be a fit...

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