Assessee, a non-resident Indian, did not file return of income ...

Penalty on NRI unsustainable if income declared accurately despite higher TDS deduction based on legitimate expectation.

Case Laws Income Tax

July 27, 2024

Assessee, a non-resident Indian, did not file return of income for AY 2014-15 as TDS on interest income from investment was deducted at 12.5% instead of 10% under India-UAE DTAA. Assessment order lacked direction or satisfaction for penalty proceedings u/s 271(1)(c). Case neither involved concealment nor furnishing inaccurate particulars of income as declared income was accepted. Assessee's belief of proper TDS deduction based on legitimate expectation accepted. Penalty proceedings unsustainable under law. Point determined in favor of assessee against revenue.

View Source

← Previous Next →

Assessee, a non-resident Indian, did not file return of income ...

Penalty on NRI unsustainable if income declared accurately despite higher TDS deduction based on legitimate expectation.

Case Laws Income Tax

July 27, 2024

You may also like:

Penalty u/s 271(1)(c) - additional income was declared in survey u/s 133A - date of filing of return u/s 139(1) had not expired - The fact of “concealment of income” and...

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...

Power of CIT(A) for enhancement - declare TDS return as non-est - appeal relates to fee u/s. 234E - Act contains provision for declaring a return of income filed as...

Additional income offered on account of excess stock during the course of survey - business income of the assessee OR income from other sources liable to be taxed at a...

The assessee failed to file the original return of income, and the Assessing Officer initiated penalty proceedings for underreporting income. The assessee's authorized...

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...

TDS u/s 194H - Higher rate of TDS @20% in absence of PAN - Commission paid to Primary Agriculture Cooperative Society (PACS) - The Tribunal examined the nature of...

Penalty u/s 271AAA - The surrendered amount was declared in the return of income u/s 153A as misc. income. AO accepted this surrendered amount as misc. income as...

Penalty levied by the AO u/s. 271AAB r.w.s. 274 - levy penalty of 30% on undisclosed income - the reasons given by the AO to levy 30% penalty on undisclosed income is...

Penalty u/s 271(1) (c) - period of limitation - treatment of lease rent income - in the revised return, assessee claimed the same as income from house property to claim...

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 -...

Undisclosed income declared not to be included in total income - THE INCOME DECLARATION SCHEME, 2016 - The amount of undisclosed income declared in accordance with...

Procedural lapses by third parties should not deprive taxpayers of TDS credit when they have acted in good faith and declared income. Section 205 bars direct tax...

Income from undisclosed sources - addition of agricultural income - Assessment of agricultural income declared by the assessee for various assessment years was...

Levy of penalty - The appellant had, undisputedly, mis-declared the quantity of the goods imported in the Bill of Entry dated 9.2.2010. - Further, in respect of four of...

Quick Updates: