Home Highlights October 2012 Year 2012 This

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1. Penalty u/s 271(1)(c) - absence of due care does not mean that the assessee is guilty of either furnishing inaccurate particulars or attempting to conceal its income -...

2. Penalty u/s. 271(1)(c) - calibre and expertise of the assessee has little or nothing to do with the inadvertent error. Absence of due care, in a case such as the present...

3. Penalty u/s 271(1)(c) - The calibre and expertise of the assessee has little or nothing to do with the inadvertent error. Absence of due care, in a case such as the...

4. Penalty u/s. 271(1)(c) - absence of due care does not mean that the assessee is guilty of either furnishing inaccurate particulars or attempting to conceal its income -...

5. Penalty u/ 271(1)(c) - unexplained investment - assessee should have been careful cannot be doubted, but the absence of due care, in a case such as the present, does not...

6. Penalty u/s 271(1)(c) – Disallowance on account of loss on assets written off and on software expenses – Absence of due care does not mean that the assessee is guilty of...

7. 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...

8. Penalty u/s 271(1)(c) - Penalty under section 271(1)(c) of the Act is leviable to be imposed only where the assessee has concealed its particulars of income or furnished...

9. Validity of the penalty u/s 271(1)(c) or 158BFA - AO has levied the penalty under section 271(1)(C) of the Act by observing that the assessee has concealed/furnished...

10. 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...

11. 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...

12. Penalty u/s. 271(1)(c) - as assessee did not prefer an appeal due to smallness of the tax involved that does not mean that there is concealment of income, more so, by...

13. Penalty u/s 271(1)(c) of the Act is liable to be imposed only where the assessee has concealed its particulars of income or furnished inaccurate particulars. Action of...

14. Levy of penalty u/s 271(1)(c) - Once, all the documentary evidences were produced before the AO and sales are no doubted, it is doubtful, whether the purchases are bogus...

15. 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...