Tag: concealment of income
No penalty can be imposed u/s 271(1)(c) on preponderance of probabilities and Revenue has to prove that claim of expenses was not genuine or was inflated to reduce its tax liability ABCAUS Case Law Citation:ABCAUS 3157 (2019) (09) ITAT Important case law relied upon by the parties:Hindustan Steel …
Penalty 271(1)(c) deleted as employee was misguided by employer cooperative bank that interest income was exempt ABCAUS Case Law Citation:ABCAUS 3155 (2019) (09) ITAT Important case law relied upon by the parties:Badshah Parshad Vs. CIT, 127 ITA 601 (Patna)Rave Entertainment P.Ltd. Vs. CIT, 376 ITR 544 (All)Garden Silk …
Concealment penalty on filing revised return after enquiry by Investigation Wing deleted as revised return was within the stipulated period prescribed u/s 139(5) ABCAUS Case Law Citation:ABCAUS 3061 (2019) (07) ITAT Important Case Laws Cited/relied upon by the parties:CIT Vs. Kulwant Singh’ (2019) 104 Taxmann.com 340 The instant …
Penalty u/s 271(1)(c) on proportionate disallowance of interest expenses towards interest free advances given by the assessee deleted ABCAUS Case Law Citation: ABCAUS 2941 (2019) (05) ITAT Important Case Laws Cited/relied upon by the parties CIT vs. Dalmia Dyechem Industries Ltd. The assessee had filed an appeal against …
Deliberate non production of books of account held as concealment of income. Books maintained in computer even if lost can be generated. – High Court ABCAUS Case Law Citation: ABCAUS 2463 (2018) 08 HC In number of, if not the most cases of civil contractors, they often and …
No Concealment if return revised due to search of other person when assessee voluntarily filed revised ITR and no proceedings were initiated u/s 153 against him-ITAT ABCAUS Case Law Citation: 1052 (2016) (11) ITAT Important Case considered: Ravi Sud vs. ACIT (2015) 39 ITR (T) 356 CIT vs. …
In a latest judgment, ITAT Chennai has quashed penalty proceedings u/s 271(1)(c) for concealment holding that there is a difference in “facts not proved” and “facts disproved” and penalty can be levied only for the latter. Case Law Details: ITA No.1730/Mds./2015 Assessment Year :2010-11 Mr.R.A.Palanisamy vs. Income Tax Officer Date of …
