Penalty u/s 271(1)(c) - Gain on sale of land - Bona-fine belief ...

Case Laws Income Tax

May 16, 2022

Penalty u/s 271(1)(c) - Gain on sale of land - Bona-fine belief that the land under consideration was an agricultural land only - No mala-fide intention could be attributed on the part of the assessee to conceal the income or to furnish inaccurate particulars of income. The assessee made a claim in the return of income which was not accepted by Ld. AO. However, this fact alone would not necessarily justify imposition of penalty - AT

View Source

← Previous Next →

Penalty u/s 271(1)(c) - Gain on sale of land - Bona-fine belief ...

Case Laws Income Tax

May 16, 2022

You may also like:

Penalty u/s 271(1)(c) – assessee has bonafide belief in making the claim that gain arising out of sale of agricultural land is exempt from tax - no penalty - AT

Penalty u/s 271(1)(c) - profits from sale and purchase of agricultural land shown as capital gain instead of profits and gains from business - No penalty - AT

Penalty u/s 271(1)(c) - bonafide belief - Taxability of capital gain arises on sale of land - in absence of any monetary consideration assessee was under a bonafide...

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...

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...

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

The crux pertains to levying penalty u/s 271(1)(c) for alleged furnishing of inaccurate particulars or concealment of income regarding capital gains computation on sale...

Penalty u/s 271(1)(c) - when the assessee made a claim on the bona fide belief that the subject land was an agricultural land, merely because the same was rejected,...

Addition of undisclosed income arising out of sale of land - on-money - Once, nature and character of land sold is established as agricultural land not to be treated as...

Penalty u/s 271(1)(c) - The assessee had short term capital gain on sale of land which was wrongly claimed as long term capital gain by substituting year of acquisition...

Penalty u/s 271(1)(c) - The assessee was under mistaken belief that land sold being agricultural land is not susceptible to tax - since the assessee has demonstrated...

Penalty under section 271(1)(c) – assessee in bona fide belief that Dharmada collections were not part of its income but were diverted by an overriding title towards...

The assessee challenged the penalty imposed u/s 271(1)(c) for short credit of sale consideration received from the sale of copyrights and cable rights. The issue...

Capital gain - Nature of land - Sale of agricultural land – There is no requirement in any Act more especially the I.T. Act that only the self-cultivated land will be...

Levy of penalty u/s 271(1) - where the actual sale consideration is replaced by the sale consideration determined as per DM circle rate under the deeming provisions of...

Quick Updates: