Levy of Penalty u/s 271(1)(c) in case of voluntary surrender of ...

Case Laws Income Tax

December 7, 2023

Levy of Penalty u/s 271(1)(c) in case of voluntary surrender of income - disallowance of claim of loss - Assessee offered the loss voluntarily to avoid litigation and requested the Assessing Officer to not initiate penalty proceedings u/s 271(1)(c), paid the tax due and challan copy is enclosed. No appeal is filed. - Documents submitted by assessee have not been held as false either by the AO during the assessment proceeding or during penalty proceeding. - No penalty - AT

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Levy of Penalty u/s 271(1)(c) in case of voluntary surrender of ...

Case Laws Income Tax

December 7, 2023

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This case deals with the penalty u/s 271(1)(c) of the Income Tax Act, imposed for disallowance of losses on forex derivatives treated as speculative losses and...

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Penalty levied u/s 271(1)(C) - deemed income being loss claimed and disallowed - The AO has also not specified the charge on which penalty is being levied - No penalty - AT

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

Penalty proceedings u/s 271(1)(c) involved an addition based on estimation by the Assessing Officer, which was later re-estimated by the CIT(A) to disallow 10% of the...

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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....

Penalty u/s 271(1)(c) - Penalty order did not specify the particular limb under which penalty u/s 271(1)(c) is levied. AO has not specified that penalty is either levied...

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

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