Penalty u/s 158BFA(2) - merely because the part of the addition ...

Penalty u/s 158BFA(2) Not Automatic Without Appeal; Tribunal's Partial Addition Upheld Not Sufficient for Penalty.

October 30, 2012

Case Laws Income Tax AT

Penalty u/s 158BFA(2) - merely because the part of the addition has been confirmed by the Tribunal and the assessee has not filed appeal before the Hon’ble High Court does not mean that the assessee is liable to penalty u/s 158 BFA(2). - AT

View Source

← Previous Next →

Penalty u/s 158BFA(2) - merely because the part of the addition ...

Penalty u/s 158BFA(2) Not Automatic Without Appeal; Tribunal's Partial Addition Upheld Not Sufficient for Penalty.

October 30, 2012

Case Laws Income Tax AT

You may also like:

Confirmation of penalty u/s 158BFA(2) of the Act – Furnishing of inaccurate particulars - U additons have been upheld on estimation basis , thus, no penalty is leviable - AT

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...

Addition of income u/s 56(2)(x)(b)(B) - under valuation of stamp duty value on purchase consideration of the property u/s 50C - The assessee asserts that only a partial...

Levy of penalty u/s 158BFA(2) - penalty has been levied on the amount of undisclosed income without providing any working of maximum and minimum penalty leviable - No penalty - AT

Key legal issues and the Tribunal's holdings: Agricultural land sold by assessee situated beyond municipal limits cannot be treated as capital asset u/s 2(14). Addition...

Penalty under section 158BFA(2) - Assessment proceedings and penalty proceedings are different and independent to each other. The addition or part of the addition could...

Rejection of declared transaction value under Valuation Rule 12, re-determination of value under Valuation Rules 4-9. Commissioner followed Rule 9, adopted actual values...

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...

Cancellation of penalty levied u/s. 158BFA(2) - penalty is not automatic. - This is a case of non-substantiation of explanation; otherwise, the entry of Rs.9,26,600/-...

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...

Penalty u/s 158BFA(2) - willful attempt - assessee has given the explanation in respect of source of jewellery - no case of imposition of penalty - AT

Penalty u/s 158BFA(2) - period of limitation - relevant date - on the issue of additions, ITAT and HC decided the matter in favor of assessee whereas Supreme Court has...

Addition u/s 68 - unsecured loans Addition u/s 2(22)(e) - Deemed dividend - The Tribunal found merit in the Assessee's submissions, noting that all relevant documents...

The case pertains to the applicability of Section 56(2)(x) of the Income Tax Act on the conversion of tenancy rights into ownership rights by a protected tenant. The key...

Levy of penalty u/s 270A r.w.s. 274 - misreporting of income on the addition of leave encashment - levy of penalty is not automatic on mere making addition, if the...

Quick Updates: