concealment penalty Archive

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

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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

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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

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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.

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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

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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

 

No Penalty 271(1)(c) for disallowance 43B if quantum not disputed and following mercantile accounting it could be debited to PL A/c – ITAT

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No Penalty 271(1)(c) for disallowance 43B if quantum not disputed and following mercantile accounting it could be debited to Profit and Loss A/c – ITAT ABCAUS Case Law Citation: ABCAUS 1230 (2017) (05) ITAT The Grievance: The appellant assessee was aggrieved by the order passed by the CIT(A) qua

 

Penalty 271(1)(c) Non-deletion of few words not invalidated notice when relevant clause was duly ticked-ITAT

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Penalty 271(1)(c) Non-deletion of few words not invalidated notice or caused any prejudice to the assessee when relevant clause was duly ticked-ITAT  ABCAUS Case Law Citation: ABCAUS 1229 (2017) (05) ITAT The Grievance: The appellant assessee was aggrieved by the order passed by the CIT(A) qua confirmation of penalty