Penalty u/s 271(1)(c) - addition of peak cash credit - sale and ...

Case Laws Income Tax

June 25, 2019

Penalty u/s 271(1)(c) - addition of peak cash credit - sale and purchase of old vehicles - addition confirmed by the CIT(A) on the basis of estimation/preponderance of possibilities of introducing some unaccounted income into the bank account - there was no reliable or un-rebutted evidences on the file to prove that the assessee had actually furnished inaccurate particulars of income or concealed particulars of his income - no penalty

View Source

← Previous Next →

Penalty u/s 271(1)(c) - addition of peak cash credit - sale and ...

Case Laws Income Tax

June 25, 2019

You may also like:

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...

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...

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...

Levy of penalty u/s 271(1)(c) - disallowance of bogus purchases by applying the profit rate - Once there is no reason to disbelieve the sales made by the assessee and...

The ITAT Mumbai ruled on penalty u/s 271(1)(c) for estimation of income on bogus purchases. The tribunal held that penalty cannot be levied on additions made on an...

Monetary limit for filing of appeal by revenue in case of penalty - Penalty u/s 271(1)(c) on bogus purchases - Quantum proceedings and penalty proceedings are...

Penalty u/s 271(1)(c) - estimation of income - bogus purchases - penalty u/s 271(1)(c) of the Act cannot be levied where the addition is made on estimate basis - AT

Penalty levied u/ss 271(1)(c) and 271AAA for unexplained investment and addition made by adopting net profit as per the books of accounts at 12.85% on the suppressed...

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...

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

Addition u/s 68 - Levy of penalty u/s 271(1)(c) - concealment of particulars - unexplained cash credit / bogus purchases - At the time of assessment, the...

The ITAT Mumbai addressed two key issues in the case. Firstly, regarding the penalty u/s 271(1)(c), the tribunal held that the absence of a tick mark on the notice did...

The assessee challenged the penalty imposed u/s 271(1)(c) for short credit of sale consideration received from the sale of copyrights and cable rights. The issue...

Penalty u/s 271(1)(c) - property dealer - addition on account of cash retained - The facts of the case may justify the addition in the quantum case, but the parameters...

Penalty u/s 271(1)(c) - loan from friends and relatives for financing his son’s USA visa - when the evidences and explanation furnished in support of cash credits are...

Quick Updates: