Day: July 9, 2017

Penalty u/s 221(1)-Interest component has to be excluded while levying Penalty. “tax in arrears” not include interest -Bombay HC

Penalty u/s 221(1)-Interest component has to be excluded while levying Penalty. The term “tax in arrears” does not include interest component-Bombay HC ABCAUS Case Law Citation: ABCAUS 1288 (2017) (07) HC The Question framed by the Appellant Revenue: (1) Whether on facts and in the circumstances of the case and in   law,   the   ITAT   …

Penalty us 271(1)(c) invoking discretionary jurisdiction us 40A(2)(b) invalid – Allahabad High Court

Penalty us 271(1)(c) invoking discretionary jurisdiction us 40A(2)(b) invalid. Income assessed on the basis of deeming provisions would not amount to non-disclosure-Allahabad High Court ABCAUS Case Law Citation: ABCAUS 1287 (2017) (07) HC The Issue: The only point of the litigation was regarding the levy of penalty under Section …