penalty 271(1)(c) Archive

20 years aged person capable enough to give tips for purchasing shares. ITAT deletes penalty u/s 271(1)(c)

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20 years aged person capable enough to give tips for purchasing shares. ITAT deletes penalty u/s 271(1)(c) for subjective disallowance of commission paid for tips given to customers- ITAT   ABCAUS Case Law Citation: ABCAUS 2030 (2017) (08) ITAT Assessment Year :  2010-11 Brief Facts of the Case: During

 

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

 

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

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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 271(1)(c)

 

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