Tag: concealment penalty

Concealment penalty deleted as assessee was unaware of tax on sale of property. Assessee agreed to pay taxes on the capital gain and paid the tax same date the assessment order was passed ABCAUS Case Law Citation: ABCAUS 2172 (2018) (01) ITAT The Challenge/Grievance: The main grievance of …

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 …

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) – …

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: …

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: …

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 …

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 …

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 …

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) …

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 …