Tag: concealment penalty
No concealment when all information available for determining income given voluntarily by assessee either in return or at the time of assessment ABACUS Case Law CitationABCAUS 3380 (2020) (08) ITAT Important case law relied upon by the parties:CIT vs. Samson Perinchery 392 ITR 4 (Bom). Ventura Textiles Ltd., vs. …
Whether an expenditure is capital or revenue squarely fall within the ambit of a debatable issue. Penalty u/s 271(1)(c) deleted ABACUS Case Law CitationABCAUS 3379 (2020) (08) ITAT Important case law relied upon by the parties:CIT vs. Vegan International Ltd. 2 Taxmann.com 140 In the instant case, the …
Law does not debar assessee from making a claim which he believes is plausible and knowing that it will be examined by AO ABACUS Case Law CitationABCAUS 3371 (2020) (08) HC Important case law relied upon by the parties:Alpati Venkataramiah v/s. CIT – 57 ITR 185 (SC)Union of …
Concealment Penalty cannot be levied on rejection of a bonafide claim. Even assessee with great expertise could make silly mistake ABCAUS Case Law Citation:ABCAUS 3337 (2020) (07) ITAT Important case law relied upon by the parties:Price Waterhouse Coopers (P) Ltd vs. CIT 348 ITR 306 SCCIT vs. Somany …
Penalty proceedings initiated on one limb and penalty imposed on two limbs invalid ABCAUS Case Law Citation:ABCAUS 3336 (2020) (07) ITAT Important case law relied upon by the parties:Shri Narendra P. Musale vs. ITOCommissioner of Income Tax Vs. Samson Perinchery 392 ITR 4 In the instant case, …
No Penalty u/s 271(1)(c) merely due to quantum addition without making fresh verification during penalty proceedings ABCAUS Case Law Citation:ABCAUS 3299 (2020) (04) ITAT Important case law relied upon by the parties:National Textiles Vs. CIT 249 ITR 125. The issue involved in this case was related to penalty …
No Penalty u/s 271(1)(c) on cancellation of automatic deduction u/s 24(a) on wrong classification of income under house property than other sources ABCAUS Case Law Citation:ABCAUS 3298 (2020) (04) ITAT Important case law relied upon by the parties:CIT vs. Reliance Petroproducts (P) Ltd. 322 ITR 158CIT vs. Sambhav …
Non striking of applicable limb of penalty u/s 271(1)(c) in notice. ITAT permits restoration of appeal if issue is decided by Supreme Court in favour of Revenue ABCAUS Case Law Citation:ABCAUS 3269 (2020) (02) ITAT In a recent judgment, Tribunal had dealt with a challenge to the validity …
Concealment penalty deleted as assessee was not habitual defaulter, made surrender only to buy peace and did not contest the issue further in quantum proceedings ABCAUS Case Law Citation:ABCAUS 3254 (2020) (02) ITAT In the instant case, the appeal was filed by the appellant assessee against the order …
Claim of exemption u/s 10 for agricultural land not liable to penalty u/s 271(1)(c). ITAT directed Assessing Officer to delete the penalty. ABCAUS Case Law Citation:ABCAUS 3214 (2019) (01) ITAT Important case law relied upon by the parties:Shri Prakash Raj Bhansali vs ITO In the instant case, an …
