penalty 271(1)(c) Archive

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

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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

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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

 

Penalty 271(1)(c) for interchanging opening wdv of fixed assets with assets of higher depreciation rate

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Penalty 271(1)(c) for mistakenly interchanged opening wdv of fixed assets with block of assets admissible a higher rate of depreciation   ABCAUS Case Law Citation: ABCAUS 2089 (2017) (10) ITAT The Challenge/Grievance: The appellant assesseeschallenged the order passed by the CIT(A) confirming action of Assessing Officer  (AO) in imposing

 

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