Penalty u/s. 271(1)(c) - The Revenue argued that the assessee's ...

Income Tax

March 28, 2024

Penalty u/s. 271(1)(c) - The Revenue argued that the assessee's actions constituted furnishing inaccurate particulars of income or concealing income. However, the High Court disagreed, ruling that the claim for deductions was bona fide and directly linked to the business profit. They emphasized that the mere rejection of a claim by the Assessing Officer does not automatically result in the imposition of penalties under Section 271(1)(c). Therefore, the High Court concluded that no substantial questions of law arose from the case and dismissed the appeal of the Revenue.

View Source

← Previous Next →

Penalty u/s. 271(1)(c) - The Revenue argued that the assessee's ...

Income Tax

March 28, 2024

You may also like:

Penalty u/s 271(1)(c) - Penalty under section 271(1)(c) of the Act is leviable to be imposed only where the assessee has concealed its particulars of income or furnished...

Penalty under section 271(1)(c) - AO has not unearthed any new fact from his independent sources which could lead to furnishing of inaccurate particulars by the assessee...

Penalty under section 271(1)(c) - there is concealment of income from the HUF, i.e., knowingly the assessee furnished inaccurate particulars of income for computation...

Penalty u/s 271(1)(c) - the fact that assessee has furnished inaccurate particulars for the purpose of determining the tax u/s 115JB stands established - penalty confirmed - HC

Penalty u/s 271(1)(c) of the Act – Inaccurate particulars furnished - different stands taken before the AO and appellate authority - assessee did not come out clean -...

Penalty u/s 271(1)(c) - absence of due care does not mean that the assessee is guilty of either furnishing inaccurate particulars or attempting to conceal its income -...

Penalty u/s 271(1)(c) - recording of satisfaction - penalty initiated u/s 143(3) order for concealment of particulars of income - penalty imposed for furnishing of...

Assessee neither challenged reopening nor has been able to disprove the finding of AO - penalty leviable u/s 271(1)(c) as assessee furnished inaccurate particulars and...

Penalty u/s 271(1)(c) - Explanation is bonafide is, we find, supported by the fact that during assessment proceedings the assessee, realizing his mistake even before...

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...

Quick Updates: