Levy of penalty u/s 271(1)(c) - disallowance of bogus purchases ...

Case Laws Income Tax

August 11, 2020

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 particularly when part of material is recorded in stock, it cannot be justified that the estimation made by the Assessing Officer warrants penalty under section 271(1)(c) - It can be a case of addition or disallowance of bogus purchases on estimate basis but it cannot be a case of levy of penalty for concealment of income under section 271(1)(c) - AT

View Source

← Previous Next →

Levy of penalty u/s 271(1)(c) - disallowance of bogus purchases ...

Case Laws Income Tax

August 11, 2020

You may also like:

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...

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

In the case of 2024 (5) TMI 1132 before the ITAT Mumbai, the issue pertained to penalty proceedings u/s. 271(1)(c) concerning the estimation of income on bogus purchases....

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...

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...

Levy of penalty u/s.271(1)(c) - bogus purchases - AO has not brought out any cogent specific reason for imposing penalty - Penalty cannot be levied on assumption, there...

Penalty u/s 271(1)(c) - Addition of bogus purchases - Tribunal in quantum proceedings reduced to 12.5% of such purchases - since income has been estimated by applying a...

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...

Penalty u/s 271(1)(c) - Disallowance of interest expenditure under section 43B as well as disallowance export product development expenses - Just because the assessee...

Penalty u/s 271(1)(C) - addition sustain on Bogus purchases - When it is not discernible from the assessment order as to whether assessee has furnished inaccurate...

The Income Tax Appellate Tribunal (ITAT) held that no penalty u/s 271(1)(c) can be imposed for an ad-hoc disallowance of 20% of expenses made by the Assessing Officer....

Penalty levied u/s 271(1)(c) - disallowance of the deduction claimed by the assessee u/s 35 - AO has not brought out his case as to why penalty u/s.271(1)(c) of the Act...

Penalty u/s 271(1)(c) - Estimation of income on bogus purchases - Once the quantitative details of purchases and the corresponding quantitative sales have not been...

Penalty u/s 271(1)(c) - Disallowance u/s 40(a)(ia) - AO has not applied his mind before initiating the penalty proceedings rather borrowed his satisfaction from the “tax...

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...

Quick Updates: