penalty 271(1)(c)

  • Income Tax

Penalty u/s 271(1)(c) deleted as addition was estimated and assesee’s conduct was not contumacious

Penalty u/s 271(1)(c) deleted as addition for bogus purchases was based on estimation and assesee’s conduct was not found contumacious…

5 years ago
  • Income Tax

Not striking off concealment penalty notice-SC dismisses assessee’s SLP

Not striking off penalty notice SC dismisses assessee’s SLP against High Court order holding that it had caused no prejudice…

6 years ago
  • Income Tax

Concealment penalty for change in method of stock valuation deleted by ITAT

Concealment penalty for change in method of stock valuation deleted by ITAT. Lower of Cost or market price method was…

6 years ago
  • Income Tax

Deliberate non production of books of account is concealment of income – High Court

Deliberate non production of books of account held as concealment of income. Books maintained in computer even if lost can…

6 years ago
  • Income Tax

Penalty 271(1)(c) deleted on debatable issue of revenue or capital receipt of the freight subsidy

Penalty 271(1)(c) deleted on debatable issue of revenue or capital receipt of the freight subsidy not accounted for on mercantile…

6 years ago
  • Income Tax

Penalty for concealment can not be imposed when notice issued was for furnishing inaccurate particulars of income

Penalty for concealment can not be imposed when notice issued was for furnishing inaccurate particulars of income - ITAT ABCAUS…

6 years ago
  • Income Tax

No concealment if income returned and accepted is same and amount was surrendered before the end of financial year – ITAT 

No concealment if income returned and accepted is same where assessee surrenders income at survey action before the end of…

6 years ago
  • Income Tax

Concealment penalty u/s 271(1)(c) deleted on humanitarian grounds by ITAT

Concealment penalty u/s 271(1)(c) deleted on humanitarian grounds as the assessee had died, his business was closed and his widow…

6 years ago
  • Income Tax

Concealment penalty deleted as assessee was unaware of capital gain tax on sale of property

Concealment penalty deleted as assessee was unaware of tax on sale of property. Assessee agreed to pay taxes on the…

6 years ago
  • Income Tax

Addition made in computation of income comes under Explanation 1(B) of Section 271(1) related to concealment penalty

Addition made in computation of income comes under Explanation 1(B) of Section 271(1) related to concealment penalty under the Income…

6 years ago