income tax penalty

  • Income Tax

Penalty u/s 271(1)(c) deleted as quantum addition was reduced significantly

Penalty u/s 271(1)(c) deleted as quantum addition was reduced significantly from 100% to 20% in respect of bogus purchases. In…

3 years ago
  • Income Tax

Doctrine of prejudice cannot be invoked for non-specific penalty notices u/s 271(1)(c)

Non-specific penalty notice u/s 271(1)(c) issued by assessing officer violates mandatory requirement of law and doctrine of prejudice cannot be…

3 years ago
  • Income Tax

Penalty u/s 271E deleted when loan was paid in cash to avoid default effecting CIBIL score

Penalty u/s 271E deleted when loan was paid in cash to avoid default effecting CIBIL score as signed cheque books…

3 years ago
  • Income Tax

Penalty u/s 271(1)(b) can not be imposed if assessment order passed u/s 143(3) not u/s 144

Penalty u/s 271(1)(b) can not be imposed when assessment order passed u/s 143(3) not best judgment assessment u/s 144 ABCAUS…

4 years ago
  • Income Tax

When quantum additions deleted, penalty u/s 271(1)(b) not leviable – ITAT

When quantum additions deleted, penalty u/s 271(1)(b) not leviable for failure to comply with notices u/s 142(1). At best it…

4 years ago
  • Income Tax

Market value of stock no basis to derive undisclosed income. Penalty u/s 271AAB not mandatory

Market value of stock instead of cost no basis to determine undisclosed income. Penalty u/s 271AAB not mandatory ABACUS Case…

4 years ago
  • Income Tax

Penalty 271(1)(b) deleted as assessee furnished medical certificate of depression treatment

Penalty 271(1)(b) deleted as assessee had furnished medical certificate of treatment for depression and AO did not bring anything against…

4 years ago
  • Income Tax

Concealment Penalty cannot be levied on rejection of a bona-fide claim

Concealment Penalty cannot be levied on rejection of a bonafide claim. Even assessee with great expertise could make silly mistake…

4 years ago
  • Income Tax

No penalty u/s 271E if persons are properly identified & transactions genuine

No penalty u/s 271E where persons are properly identified and transactions are genuine as there can be no attempt to…

4 years ago
  • Income Tax

Penalty notice u/s 271AAB without specifying percentage clause held invalid

Penalty notice u/s 271AAB without specifying at what percentage the penalty will be levied makes it defective and invalid and…

4 years ago