The ITAT Surat held that the penalty u/s 271(1)(c) was not ...

Penalty u/s 271(1)(c) not sustainable due to defective notice & estimation of income.

June 1, 2024

Case Laws Income Tax AT

The ITAT Surat held that the penalty u/s 271(1)(c) was not sustainable due to a defective notice and estimation of income on bogus purchases. The notice u/s 274 was issued mechanically without specifying whether the penalty was for 'Concealment of income' or 'furnishing inaccurate particulars of income'. The additions were based on estimation without a definite finding on the quantum of concealment, rendering the penalty unsustainable. Legal precedent from the jurisdictional High Court supported this decision, citing cases such as CIT vs. Subhas Trading Co., Navjivan Oil Mills, and Valimkbhai H. Patel. Therefore, the penalty u/s 271(1)(c) was deemed not sustainable in this case.

View Source

← Previous Next →

The ITAT Surat held that the penalty u/s 271(1)(c) was not ...

Penalty u/s 271(1)(c) not sustainable due to defective notice & estimation of income.

June 1, 2024

Case Laws Income Tax AT

You may also like:

The ITAT Mumbai addressed two key issues in the case. Firstly, regarding the penalty u/s 271(1)(c), the tribunal held that the absence of a tick mark on the notice did...

Penalty u/s 271(1)(c) - Defective notice u/s 274 - in the assessment order, AO has made it clear that penalty proceedings are initiated separately for furnishing...

Levy of penalty u/s 271(1)(c) - Defective notice u/s 274 - Emphasizing the principles outlined by the Karnataka High Court, the Tribunal reaffirmed the importance of...

The Appellate Tribunal considered a case involving a penalty u/s 271(1)(C) for a defective notice related to TP adjustments. The AO determined arm's length OP/OC at...

Defective notice issued u/s 274 read with Section 271(1)(c) for levying penalty. The key points are: The phrases "conceal" and "furnishing of inaccurate particulars" in...

Levy of penalty u/s.271(1)(c) - defective notice - it would be too technical and pedantic to take the view that because in the printed notice the inapplicable portion...

Penalty levied u/s 271(1)(b) - failure to comply with the notices issued by the A.O u/s 142(1) - the non-compliance on the part of the assessee is due to the reason of...

Penalty u/s 271(1)(c) - Defective notice u/s 274 - non specification of charge - AO has miserably failed to specify in the notice issued under section 274 read with...

The assessee had conceded the compensation income to be included as income from other sources. However, upon judicial examination, the compensation was found to be...

Levy of penalty u/s 271(1)(c) - defective notice - non specification of charge - Assessing Officer has issued a vague and defective notice under section 274 r.w.s....

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

Penalty u/s 271(1)(c) - Defective notice - ITAT observed that the notice issued by the AO would be bad in law if it did not specify which limb of Section 271(1) (c) the...

Penalty u/s 271(1)(c) - defective notice - the show cause notice u/s 271(1)(c) AO had neither strike out the inappropriate words nor specify the charges against the...

Penalty u/s. 271(1)(c) - defective notice u/s 274 - show cause notice issued u/s 274 of the Act does not specify the charge against the assessee as to whether it is for...

Penalty u/s 271(1)(c) - Disallowance u/s 40(a)(ia) - AO has not applied his mind before initiating the penalty proceedings rather borrowed his satisfaction from the “tax...

Quick Updates: