Penalty u/s 271(1)(c) - Since the addition itself ought not have ...

Section 271(1)(c) Penalty Overturned: Bank Account Belongs to HUF, Not Assessee, Penalty Deemed Inappropriate.

November 22, 2019

Case Laws Income Tax AT

Penalty u/s 271(1)(c) - Since the addition itself ought not have been made in the hands of the assessee, because this bank account did not belong to the assessee, rather it belonged to HUF, therefore, for the purpose of penalty, we are satisfied that the assessee does not deserves to be visited with penalty in these circumstances.

View Source

← Previous Next →

Penalty u/s 271(1)(c) - Since the addition itself ought not have ...

Section 271(1)(c) Penalty Overturned: Bank Account Belongs to HUF, Not Assessee, Penalty Deemed Inappropriate.

November 22, 2019

Case Laws Income Tax AT

You may also like:

Imposition of penalty u/s 271(1)(b) - non-compliance of the notice issued under Section 142(1) - if the assessee really had no connection with the Swiss Bank accounts,...

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 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...

Section 271(1)(c) penalty was held invalid due to improper issuance of notice, as no proceedings were pending when the notice was issued on 19.12.2019. Section 271A...

Penalty u/s 271(1)(c) is not leviable on additional income offered by the assessee in response to a notice issued u/s 148, as held in Kirit Dahyabhai Patel and Ravi Sud...

Penalty proceedings u/s 271(1)(c) - Assessee company failed to provide bonafide explanation for inflated expenses claimed in revised return, contrary to audited...

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...

Penalty proceedings u/s 271(1)(c) - Failure of the assessee to explain the source of cash deposit in the bank account - burden of proof - The ITAT acknowledged the...

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...

Penalty u/s 271(1)(c) - disallowance of excessive depreciation - cost of acquisition of wind mill - whether or not assessee is entitled to the benefit under proviso to...

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....

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...

Penalty under section 271(1)(c) - there is concealment of income from the HUF, i.e., knowingly the assessee furnished inaccurate particulars of income for computation...

Penalty u/s 271(1)(b)- assessee refused to answer the notice u/s 142(1) - assessee was an attorney of some account holder - levy of penalty confimred - HC

Quick Updates: