Penalty under s.271(1) was set aside by ITAT where assessee ...

Penalty Under Section 271(1) Waived After Taxpayer Voluntarily Disclosed Additional Income During Survey, Paid Advance Tax

February 26, 2025

Case Laws Income Tax AT

Penalty under s.271(1) was set aside by ITAT where assessee disclosed additional income during survey under s.133A. ITAT held that since assessee had already paid sufficient advance tax before survey, return filing due date had not expired, and declared income was accepted without variation in assessment under s.143(3), revenue's contention that income would not have been disclosed absent survey was untenable. The fact that assessee had proactively paid advance tax and ultimately reported same income that was accepted in assessment demonstrated no intention to conceal. Penalty imposed by AO and upheld by CIT(A) was found unjustified. Assessee's appeal allowed.

View Source

← Previous Next →

Penalty under s.271(1) was set aside by ITAT where assessee ...

Penalty Under Section 271(1) Waived After Taxpayer Voluntarily Disclosed Additional Income During Survey, Paid Advance Tax

February 26, 2025

Case Laws Income Tax AT

You may also like:

Penalty u/s 271(1)(c) - disclosure of income during survey - had it been the intention of the appellant to disclose the income voluntarily then the assessee would have...

Penalty proceedings u/s 271(1)(c) r.w.s. 274 - additional income declared in the return filed in response to notice u/s 153A as compared to original returned filed u/s...

Penalty u/s 271(1)(c) was levied on additional income voluntarily offered in the statement recorded u/s 132(4). However, no reference was made to corroborative...

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...

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...

Levy of penalty u/s 271(1)(c) - Even if some discrepancies were found during the survey resulting in surrender of income by the assessee, once the assessee has declared...

The ITAT held that penalty u/s 271(1)(c) was not imposable on the assessee. The assessee had voluntarily paid tax on income from sale of shares three years prior to...

Penalty u/s 271(1)(c) - survey team did not make further enquiries nor was it established that these represented any other income - the amount disclosed during the...

Penalty u/s 271(1)(c) - There cannot be a penalty merely on the basis that the assessee has disclosed income after receiving the notice from the ADIT and the income was...

Additional income disclosed during the course of survey - To be taxed @ 60% u/s. 115BBE or not - the AO and the Ld.CIT(A) are erred in assessing additional income...

Penalty u/s 271(1)(c) - Assessee filed return of income in response to notice u/s 148 - No difference between returned income and assessed income - Assessee voluntarily...

Penalty u/s 271AAB/271(1)(c) - cash was seized u/s 132A - the discrepancies were found during the survey - Obviously, no penalty can be imposed unless the conditions...

Penalty u/s 271(1)(c) - survey u/s 133A was carried out much prior of date of filing of return u/s 139(1) - amount admitted in survey has offered in return - When the...

Penalty u/s 271AAB for unexplained cash commission expenses u/s 69C cannot be imposed if the additional income disclosed by the assessee in the return of income is not...

Claim of partner’s salary u/s 40(b) against income disclosed during survey – at the time of survey, assessee disclosed the entire income as business income, the AO was...

Quick Updates: