Home Highlights January 2013 Year 2013 This

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1. Penalty u/s 271(1)(c) was levied on additional income voluntarily offered in the statement recorded u/s 132(4). However, no reference was made to corroborative...

2. Penalty u/s 271(1)(c) was imposed despite the assessee withdrawing the exemption claim u/s 10(38) for Long Term Capital Gain (LTCG) on sale of penny stocks and offering...

3. 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...

4. MAT is paid, additions were made to regular income, penalty not levied – 115JB, 271(1)(c)

5. The Income Tax Appellate Tribunal (ITAT) held that no penalty u/s 271(1)(c) can be imposed for an ad-hoc disallowance of 20% of expenses made by the Assessing Officer....

6. 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...

7. Penalty u/s.271(1)(b) - no compliance to notice u/s 142(1) - The AO levied the penalty for non-compliance of notice dated 13.06.2016, however, there is no reference of...

8. 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...

9. 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...

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

11. The Appellate Tribunal addressed the issue of penalty u/s 271(1)(c) concerning the correct classification of income. The Assessing Officer treated the income as 'income...

12. The Assessing Officer (AO) consciously deleted irrelevant portions from the show cause notice, mentioning only the charge of furnishing inaccurate particulars of income....

13. Penalty u/s 271(1)(c) - on account of survey, if the assessee has offered additional income, it cannot be a ground to impose penalty under section 271(1)(c) unless...

14. 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...

15. Levying the penalty u/s.271(1)(c) - Just for making wrong claims made advertently or inadvertently, therefore, penalty cannot be levied u/s.271(1)(c) of the Act and...