Tag: penalty 271(1)(c)
Penalty confirmed for filing revised return claiming bogus deductions under Chapter VIA with the intention of claiming illegal refund. In a recent judgment, the ITAT Amritsar has confirmed the penalty for filing revised returns claiming bogus deductions under various sections of Chapter VIA and also claiming loss on …
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 …
Penalty u/s 271(1)(c) upheld despite notice without striking off the not applicable charge as in penalty order AO specified the applicable limb ABACUS Case Law CitationABCAUS 3359 (2020) (08) ITAT Important case law relied upon by the parties:Shweta Construction Company Pvt. Ltd. vs. ITO,B. D. Mundra & Sons, …
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, …
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 …
Penalty u/s 271(1)(c) on disallowance of notional interest on debit balances in capital account of some of the partners deleted as in totality, partners capital had net credit balance. ABCAUS Case Law Citation:ABCAUS 3158 (2019) (09) ITAT In the instant case, the appeal was filed by the assessee …
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 …
