Penalty u/s 271(1) - addition of wrong claim u/s 80IB made by ...

Case Laws Income Tax

August 10, 2020

Penalty u/s 271(1) - addition of wrong claim u/s 80IB made by assessee in the return & surrendered during scrutiny proceedings - such claim is solely based on the report of auditor in Form No. 10CCB - Claim made by the assessee towards deduction u/s 80IB(4) is a bonafied mistakes, for which the penalty provisions provided u/s 271(1)(c) cannot be invited. - AT

View Source

← Previous Next →

Penalty u/s 271(1) - addition of wrong claim u/s 80IB made by ...

Case Laws Income Tax

August 10, 2020

You may also like:

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

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) - when we examine penalty levied on account of salary disallowance AO has merely made adhoc addition by way of guess work and the AO has not...

Penalty u/s 271(1)(c) - not entitled for the deduction U/s 54 - claim deduction allowed U/s 54F - once, the assessee has explained the reasons for making a wrong claim...

Penalty u/s 271(1)(c) - Assessee in this case has never revised its return during the period prescribed u/s 139(1) rather withdrew the claim during assessment...

Penalty u/s 271(1)(c) - Making an incorrect claim in law cannot tantamount to furnishing inaccurate particulars under Section 271(1)(c) of the Act. Mere making of a...

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

Voluntary surrender of income by assessee cannot be considered concealment. AO failed to prove concealment, merely concluded voluntary surrender as concealment....

Penalty u/s 271(1)(c) - voluntary surrender on account of long term capital gain on sale of shares during assessment proceedings - the surrender made by the assessee is...

Penalty u/s 271(1)(c) - Explanation is bonafide is, we find, supported by the fact that during assessment proceedings the assessee, realizing his mistake even before...

Levy of penalty u/s 271(1)(c) - weighted deduction u/s 35(1)(ii) claimed in the original return and later in the return filed in response to notice u/s 148 of the Act,...

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...

Penalty u/s 271(1)(c) - A mere making of the claim, which is not sustainable in law, by itself, will not amount to furnishing inaccurate particulars regarding the income...

The assessee had not offered short-term capital gain u/s 50 on the sale of a depreciable fixed asset as income in the return or during scrutiny proceedings. The issue...

Quick Updates: