Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights August 2012 Year 2012 This

Penalty u/s 271(1)(c) - whole scheme of the transactions seems ...


Assessee Not Penalized u/s 271(1)(c) Due to Chartered Accountant's Misjudgment in Transaction Scheme.

August 14, 2012

Case Laws     Income Tax     AT

Penalty u/s 271(1)(c) - whole scheme of the transactions seems to be wrongly conceived by the Chartered Accountant of the assessee for which the assessee cannot be penalized though being innocent - AT

View Source

 


 

You may also like:

  1. Penalty u/s.271(1)(c) - undisclosed investment - The assessee cannot shift his responsibility to its Chartered Accountant. Further the assessee stated it was ill advised...

  2. Penalty u/s. 271(1)(c) - Auditors report obtained by the assessee cannot override Income Tax provisions and just because the assessee's claim is supported by a chartered...

  3. Penalty u/s 271(1)(c) for furnishing inaccurate particulars of income - adjustment made u/s 92CA - penalty levied u/s 271(1)(c) on the adjustment made u/s 92CA is not...

  4. 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...

  5. 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...

  6. 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...

  7. 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...

  8. Penalty u/s 271(1)(c) - Transfer Pricing adjustment made - applying the analysis of the term ‘good faith’ and ‘due diligence’ we are of the considered view that in the...

  9. Penalty levied u/s 271(1)(b) - failure to comply with the notices issued by the A.O u/s 142(1) - the non-compliance on the part of the assessee is due to the reason of...

  10. The Appellate Tribunal considered a case involving the levy of penalty u/s 272A(1)(d) for non-compliance with a notice u/s 142(1) due to the Accountant's Covid-19...

  11. The Income Tax Appellate Tribunal deleted the penalty levied u/s 271(1)(b) for non-compliance with a notice issued u/s 142(1) during reassessment proceedings....

  12. Penalty u/s 271(1)(c) - when the assessee company had been assessed to tax under the deeming provisions of Sec. 115JB of the Act, therefore, on the basis of our...

  13. Defective notice issued u/s 274 read with Section 271(1)(c) for levying penalty. The key points are: The phrases "conceal" and "furnishing of inaccurate particulars" in...

  14. 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...

  15. Penalty u/s 271(1)(c) - failure on the part of legal heir of the deceased assessee to explain the source of part of the deposits - The mere failure on the part of the...

 

Quick Updates:Latest Updates