Penalty u/s 271(1)(c) - addition made on account of mistake in ...

Court Rules Mistaken Income Classification Not Inaccurate Reporting; No Penalty for Misclassifying Asset Gains.

February 16, 2024

Case Laws Income Tax HC

Penalty u/s 271(1)(c) - addition made on account of mistake in treating the income from transfer of depreciable asset as long-term capital gain instead of short term capital gain u/s 50 - The High Court allowed the appeal, stating that there was no concealment of income or furnishing of inaccurate particulars. It emphasized that a mere incorrect claim in law does not amount to furnishing inaccurate particulars.

View Source

← Previous Next →

Penalty u/s 271(1)(c) - addition made on account of mistake in ...

Court Rules Mistaken Income Classification Not Inaccurate Reporting; No Penalty for Misclassifying Asset Gains.

February 16, 2024

Case Laws Income Tax HC

You may also like:

Levy of penalty - Applicability of the substituted rule for imposition of penalty - The Supreme Court sided with the appellant, holding that the substituted rule from...

Penalty proceedings u/s 270A - Applicable rate of penalty - The Appellate Tribunal noted that while the penalty notice cited under-reporting of income, the AO imposed...

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...

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...

Seeking release of the goods imported - betelnuts/supari described as Menthol Scented Sweet Supari (“goods”) - nature of the mix created - The petitioner sought...

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...

The Income Tax Appellate Tribunal (ITAT) allowed the assessee's appeal and directed the penalty u/s 271(1)(c) of the Income Tax Act to be deleted. The Assessing Officer...

The ITAT Mumbai considered a case involving a penalty u/s 271(1)(c) for concealment of income or furnishing inaccurate particulars of income. The Tribunal found the...

The Delhi High Court analyzed the levy of penalty u/s 270A for under-reporting and misreporting of income. The court emphasized that under-reporting and misreporting are...

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...

Penalty under Rule 25 of the Central Excise Rules, 2002 - Contravention of Rule 8(3A) - penalty under Rule 25 is not permissible, but penalty under Rule 27 is to be imposed - AT

Final Report on General Anti Avoidance Rules (GAAR) in Income-tax Act, 1961 Expert Committee (2012)

Levy of penalty - taking CENVAT Credit irregularly - it is the contention of the Assessee that there is some element of discretion available in the adjudicating officer...

Penalty u/s 270A - “under reporting” of the income - The assessee has not under reported any income. The addition has arisen on account of change in head of income. We...

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 -...

Quick Updates: