Penalty u/s 271(1)(c) - No doubt, the Assessing Officer may not ...

Penalty Not Justified If Assessee's Genuine Explanation Rejected by Assessing Officer: Section 271(1)(c) Income Tax Act.

March 25, 2021

Case Laws Income Tax AT

Penalty u/s 271(1)(c) - No doubt, the Assessing Officer may not accept the explanation furnished by the assessee with regard to source and nature of credit, but that by itself would not be a ground to reject explanation furnished by the assesse, when the assessee genuinely explains the credits found in books of account disclosing all necessary facts. - AT

View Source

← Previous Next →

Penalty u/s 271(1)(c) - No doubt, the Assessing Officer may not ...

Penalty Not Justified If Assessee's Genuine Explanation Rejected by Assessing Officer: Section 271(1)(c) Income Tax Act.

March 25, 2021

Case Laws Income Tax AT

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...

Interest u/s 234B - The term “assessed tax” has been defined in Explanation-1 of Section 234B (1). As per said Explanation-1 “assessed tax” means the tax on the total...

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...

The Income Tax Appellate Tribunal (ITAT) held that every non-compliance with a notice u/s 142(1) gives a separate cause of action for levying penalty u/s 271(1)(b)....

Explanation versus bona finde explanation versus proper disclosure - Penalty under section 271(1)(c) - AT

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)(b) - assessee had failed to provide full submissions - penalty levied by the Assessing Officer u/s 271(1)(b) of the IT Act deserves to be...

The Assessing Officer (AO) consciously deleted irrelevant portions from the show cause notice, mentioning only the charge of furnishing inaccurate particulars of income....

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) - unexplained investment u/s.69 - The penalty can be justified only if assessee fails to offer an explanation or his explanation is found to be...

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...

Penalty u/s 271(1)(c) was imposed for excess deduction claimed u/s 10B. The assessee furnished all relevant facts for computing total income, and provided detailed...

Levy of penalties u/ss 122 and 129 of CGST/SGST Acts - expiry of e-way bill - mens rea in penalty imposition. Technically, violation of law by petitioner in transporting...

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...

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...

Quick Updates: