Levy of penalty - debatable issue - As per AO assessee treated ...

Case Laws Income Tax

January 30, 2024

Levy of penalty - debatable issue - As per AO assessee treated the revenue receipt of subsidy as capital receipt - As per High Court no error in the findings recorded by Tribunal while setting aside penalty - With the Supreme Court dismissing the Special Leave Petition (SLP) filed by the Revenue against the order, the decision of the lower courts stands affirmed.

View Source

← Previous Next →

Levy of penalty - debatable issue - As per AO assessee treated ...

Case Laws Income Tax

January 30, 2024

You may also like:

Penalty levied u/s 274 read with Section 270A - assessee computed tax on disallowed depreciation amount at maximum marginal rate and levied 200% penalty on payable tax -...

Nature of subsidy received - Capital or revenue receipt - amount given as subsidy to meet any revenue expenditure can safely be termed as revenue receipt - HC

VAT subsidy - Characterization of receipts - taxability of receipts - The refund now VAT as given to the industrial undertakings only for the purpose of fulfilling the...

Nature/Character of receipt - subsidy receipt - revenue or capital receipt - Applicability of purpose test - section 2(24)(xviii) would be attracted, in principle, but...

Rectification u/s 154 - additional depreciation @20% claimed as per provision of Sec. 32(1)(iia) - it is on record of the AO that the issue is debatable and the issue...

Revenue or capital receipt - sales tax subsidy/incentive under the Package Scheme of Incentives Scheme, 1993 - The High Court held that the sales tax subsidy/incentive...

Assessee had transferred as per the agreement goodwill to client which AO contested that it cannot be treated as a capital receipt and be treated as a revenue receipt...

Levy interest u/s 234E - interest levied prior to amendment w.e.f. 1.6.2015 - diversified views - CIT(A) himself says, that the issue is debatable then the same takes...

Taxability of subsidy received under TUF scheme - revenue or capital receipts or reduction in value of fixed assets - to reduce from the cost of asset, the subsidy...

Sales tax subsidy treated as capital receipt - nature of receipt - Whether the subsidy amount can be adjusted in the cost of depreciable assets? - AT

Revenue or capital receipt - The HC has held that, Excise duty refund, Interest subsidy and Insurance subsidy received with the object of creating avenues for perpetual...

The key issue relates to the classification of the cost of silt as capital or revenue expenditure. The Assessing Officer (AO) treated it as capital expenditure and...

Revision u/s 263 by CIT - Total power subsidy and TUF subsidy were wrongly declared by the assessee - When AO adopted one of the courses permissible in law and it has...

Penalty u/s.271(1)(c) - Nature of interest income - capital receipt or revenue receipt - This being a highly debatable issue and once there is a debate as assessee’s...

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...

Quick Updates: