concealment penalty Archive

Voluntary disclosure in all cases cannot absolve liability of concealment penalty u/s 271(1)(c) – High court

Author: | Categories: High Courts, Income Tax, Judgments No comments
Voluntary disclosure in all cases cannot absolve liability of concealment penalty. High Court confirmed penalty u/s 271(1)(c) for deferral/avoidance of tax. Willful concealment is not an essential ingredient for attracting civil liability as is the case in the matter of prosecution under section 276C – High Court ABCAUS Case Law

 

Penalty can not be imposed based on findings of assessment proceedings as they cannot automatically be adopted

Author: | Categories: Income Tax, ITAT, Judgments No comments
Penalty can not be imposed on the basis of findings of assessment proceedings as they cannot automatically be adopted in penalty proceedings. Denial made in assessment proceedings on the basis of human probability can not be the basis for the purpose of levying penalty under Section 271(1)(c) – ITAT

 

Travelling Expenses claimed us 57 did not attract concealment penalty – High Court

Author: | Categories: High Courts, Income Tax, Judgments No comments
Travelling Expenses claimed us 57 did not attract concealment penalty particularly when untenable claim was made on the advice of an Accountant and coming to know, the assessee offered the same to taxation – High Court    ABCAUS Case Law Citation: ABCAUS 2018 (2017) (08) HC The Issue: The

 

No concealment penalty for wrong claim on the advice of CA – Punjab & Haryana High Court

Author: | Categories: High Courts, Income Tax, Judgments No comments
No concealment penalty for wrong claim on the advice of CA. Even if it was wrong, it could be a good case for addition but not for penalty – Punjab & Haryana High Court ABCAUS Case Law Citation: ABCAUS 1296 (2017) (07) HC The Question framed for determination: “Whether

 

Non-disclosure of bank account due to over-sight-Concealment penalty u/s 271(1)(c) upheld

Author: | Categories: Income Tax, ITAT, Judgments No comments
Non-disclosure of bank account due to over-sight-Concealment penalty u/s 271(1)(c) upheld as no credible explanation given for omission & source of deposits – ITAT ABCAUS Case Law Citation: ABCAUS 1268 (2017) (05) ITAT Assessment Year: 2009-10 Date/Month of Judgment/Order: May, 2017 Brief facts of the case: The assessee was

 

Penalty us 271(1)(c) for black money in Swiss bank deleted on legal grounds as ITD failed poorly to prosecute on legal grounds.

Author: | Categories: Income Tax, ITAT, Judgments No comments
Penalty us 271(1)(c) for black money in Swiss bank deleted on legal grounds by the ITAT as the Income Tax Department failed poorly to prosecute on legal grounds. This is in fact one of the example to what extent Income Tax Department had prepared its officer with required skills

 

Penalty 271(1)(c) Merely if suppliers not traced at given address not indicative of concealment or furnishing inaccurate particulars

Author: | Categories: Income Tax, ITAT, Judgments No comments
Penalty 271(1)(c) Merely if suppliers not traced at given address not indicative of concealment of income or furnishing of inaccurate particulars-ITAT ABCAUS Case Law Citation: ABCAUS 1231 (2017) (05) ITAT The Grievance: The appellant assessee was aggrieved by the order passed by the CIT(A) qua confirmation of penalty u/s