Penalty u/s 271(1)(c) - proof of contravention of provisions ...

Timely Tax Filing: No Penalty for Filing Under Extended Deadline per Section 271(1)(c), Explanation 5A.

April 23, 2022

Case Laws Income Tax AT

Penalty u/s 271(1)(c) - proof of contravention of provisions provided under explanation 5A to section 271(1)(c) - On reference to the provisions of explanation 5A to section 271(1)(c) of the Act as discussed above, it is imperative to note that the word due date has been mention and not the due date as specified under the provisions of section 139(1) of the Act. Thus to our understanding, even the assessee files the return of income during the extended time provided under section 139(4) of the Act, it shall be interpreted as if the return of income has been filed within the due date. - the assessee has not contravened any of the provisions provided under explanation 5A to section 271(1)(c) of the Act so as to attract the provisions of penalty on account of concealment of income. - AT

View Source

← Previous Next →

Penalty u/s 271(1)(c) - proof of contravention of provisions ...

Timely Tax Filing: No Penalty for Filing Under Extended Deadline per Section 271(1)(c), Explanation 5A.

April 23, 2022

Case Laws Income Tax AT

You may also like:

Voluntary surrender of income by assessee cannot be considered concealment. AO failed to prove concealment, merely concluded voluntary surrender as concealment....

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

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...

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

Penalty u/s 271(1)(c) - difference of income in the return filed u/s.139(1) and 153A - there was no such allegation that of assessee was found to be the owner of any...

Govt extends ITR filing deadline to August 5

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 u/s 271(1)(c) - surrender of income - suo motu further income declared in the returns filed u/s 153A - Explanation 5A has specific application, the contention...

Trust filed application for final approval u/s 80G(5) on 02.08.2023, before the extended due date of 30.06.2024 prescribed by CBDT Circular No. 7/2024. Denying...

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...

Penalty u/s.271AAB - Belated filing of regular return after search - Penalty cannot be levied u/s.271AAB of the Act, in respect of income disclosed in regular return of...

Penalty u/s 271(1)(c) under Explanation 5A - no return u/s 139(1) - return filed u/s 153A disclosing Capital Gain which was accepted - it is neither a case of bonafide...

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)....

Penalty u/s 271(1)(c) - The prerequisites towards applicability of Explanation-5A has not been demonstrated by the Revenue either in the penalty order or the first...

The ITAT held that penalty u/s 271(1)(c) was not imposable on the assessee. The assessee had voluntarily paid tax on income from sale of shares three years prior to...

Quick Updates: