Levy of penalty u/s 271(1)(c) - weighted deduction u/s 35(1)(ii) ...

Case Laws Income Tax

May 29, 2021

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, he sought to withdrew the claim of weighted deduction - This proves the bonafide intent of the assessee, to purchase peace from the department and to avoid vexatious litigation in this regard. In our considered opinion, this intention of the assessee deserves to be accepted in toto. Hence this is not a fit case for levy of penalty u/s 271(1)( c) of the Act. - AT

View Source

← Previous Next →

Levy of penalty u/s 271(1)(c) - weighted deduction u/s 35(1)(ii) ...

Case Laws Income Tax

May 29, 2021

You may also like:

Penalty u/s 271(1)(c) - after learning about the serious irregularities in the activities of the aforesaid institute, acted in a bonafide manner, and in his return filed...

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...

Revision u/s 263 - Incorrect claim of weighted deduction u/s 35(1)(ii) - there can be no two views that when the assessment order was passed by the AO, assessees claim...

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

Disallowance of weighted deduction u/s 35(1)(ii) - donation was deposited in Axis Bank, where, society is not maintaining any account - When there is no piece of...

The assessee claimed weighted deduction u/s 35(1)(ii) for donation made to M/s Shri Arvindo Institute of Applied Scientific Research Trust at the end of the year. The...

Deduction u/s. 35(1)(ii) - weighted deduction - bogus donation - It is not in dispute that M/s. HHBHRF was enjoying the approval within the meaning of Sec. 35(1)(ii) of...

Levy of Penalty u/s. 271(1)(c) - The ITAT ruled that since there was no variation between the returned and assessed income, there was no concealment of income by the...

Penalty proceedings u/s 271(1)(c) r.w.s. 274 - additional income declared in the return filed in response to notice u/s 153A as compared to original returned filed u/s...

Deduction u/s 35(1)(ii) - Disallowance of donation made to School of Human Genetics & Population Health, Kolkata - The assessee would be eligible for benefit of weighted...

Penalty u/s. 271(1)(c) - If AO accepted the revised return, there was no question of making inadmissible claim of deduction u/s 10B in such revised return. In fact,...

Levy of penalty u/s. 271(1)(c) - disallowance made u/s. 35(2AB) - The Tribunal referred to the decision of the Hon’ble Supreme Court in the case of CIT vs. Reliance...

Reopening of assessment - Disallowance of deduction claimed u/s 35(1)(ii) - The tribunal upheld the reopening of the assessment, ruling it as a procedural irregularity...

Non-filer assessee had taxable income but failed to file return u/s 139(1), later filed return in response to notice u/s 148 without considering section 50C provisions,...

Penalty proceedings u/s 271(1)(c) involved an addition based on estimation by the Assessing Officer, which was later re-estimated by the CIT(A) to disallow 10% of the...

Quick Updates: