Penalty u/s 271(1)(c) - difference between the income declared ...

Taxpayer Not Penalized for Discrepancies Due to Retroactive Law Changes in Income Tax Assessment.

November 21, 2023

Case Laws Income Tax AT

Penalty u/s 271(1)(c) - difference between the income declared in the return by the assessee under the provisions of section 115JB of the Act and income assessed by the Ld. AO - No penalty can be levied on the addition/disallowance made on the basis of retrospective amendment under the law.- AT

View Source

← Previous Next →

Penalty u/s 271(1)(c) - difference between the income declared ...

Taxpayer Not Penalized for Discrepancies Due to Retroactive Law Changes in Income Tax Assessment.

November 21, 2023

Case Laws Income Tax AT

You may also like:

This case deals with the validity of a declaration under the Voluntary Compliance Encouragement Scheme (VCES) for service tax dues. The taxpayer was issued a show cause...

The assessee had been following the mercantile system of accounting, wherein book profits are taken for tax assessment, though credit or debit amounts may not be...

The summary highlights the key difference between the scope of total income under the Income Tax Act and the Black Money (Undisclosed Foreign Income and Assets) and...

Reopening of assessment - notice issued after the expiry of more than 4 years - Capitalization of interest income - The High Court observed that, the AO having raised a...

Validity of reopening of assessment u/s 147 - CIRP proceedings - The proceedings under the Insolvency and Bankruptcy Code, 2016 (IBC) cannot be pressed into service to...

New Personal Income Tax Regime heralds significant relief, especially for Middle Class Taxpayers

Reopening of assessment - concept of change of opinion - The court agreed with the petitioner's argument, stating that the reopening of the assessment was indeed based...

The circular issued by the Government of Tamil Nadu, Commercial Taxes Department, addresses the treatment of statutory dues under GST law for taxpayers whose proceedings...

CBDT extends due date for filing Income Tax Returns and Tax Audit Reports

ITAT affirmed CIT(A)'s directive to grant TDS credit per Form 26AS despite taxpayer's initial failure to claim full credit in tax return due to software technical issues....

The assessee company is eligible to claim Foreign Tax Credit (FTC) against its Minimum Alternate Tax (MAT) liability u/s 115JB of the Income Tax Act for taxes paid in...

The Department initiated the case based on income tax documents, which were public documents, and the presumption is on their truthfulness. The difference in value based...

Interest u/s 234C - interest for deferment of advance tax - If on a particular due date for payment of advance tax, the facts show that there is no liability to pay...

Eligibility for Input Tax Credit - Failure to report outward supply - The objection of the petitioner is that most of these items do not fall within the reverse charge...

Due date for filing of Income Tax Returns - benefit of carry forward of loss - RBI permission letter mandating the assessee to get his accounts audited - Extension of...

Quick Updates: