Tag: penalty 271(1)(c)
Penalty u/s 271(1)(c) deleted as addition for bogus purchases was based on estimation and assesee’s conduct was not found contumacious ABCAUS Case Law Citation:ABCAUS 3011 (2019) (06) ITAT Important Case Laws Cited/relied upon by the parties:Hindustan Steel Vs. State of Orissa (83 ITR 26) Penalty u/s 271(1)(c) deleted …
Not striking off penalty notice SC dismisses assessee’s SLP against High Court order holding that it had caused no prejudice to the assessee ABCAUS Case Law Citation: ABCAUS 2597 (2018) (10) SC Important Case Laws Cited/relied upon: Commissioner of Income Tax Vs. Jindal Equipments Leasing and Consultancy Services …
Concealment penalty for change in method of stock valuation deleted by ITAT. Lower of Cost or market price method was as per ICAI guidelines and was consistently followed thereafter ABCAUS Case Law Citation: ABCAUS 2497 (2018) 08 ITAT The aforesaid appeal was filed by the assessee against impugned …
Deliberate non production of books of account held as concealment of income. Books maintained in computer even if lost can be generated. – High Court ABCAUS Case Law Citation: ABCAUS 2463 (2018) 08 HC In number of, if not the most cases of civil contractors, they often and …
Penalty 271(1)(c) deleted on debatable issue of revenue or capital receipt of the freight subsidy not accounted for on mercantile basis. ABCAUS Case Law Citation: ABCAUS 2442 (2018) 07 ITAT The instant appeal was filed by the assessee against the order passed by the CIT(A) in confirming the …
Penalty for concealment can not be imposed when notice issued was for furnishing inaccurate particulars of income – ITAT ABCAUS Case Law Citation: ABCAUS 2409 (2018) 07 ITAT The instant appeal was filed by the assessee against the order of the CIT(A) against the confirmation of penalty levied …
No concealment if income returned and accepted is same where assessee surrenders income at survey action before the end of the financial year – ITAT ABCAUS Case Law Citation: ABCAUS 2390 (2018) 07 ITAT The instant appeal was preferred by the Revenue against the order of Commissioner of …
Concealment penalty u/s 271(1)(c) deleted on humanitarian grounds as the assessee had died, his business was closed and his widow was depositing the quantum demand-ITAT ABCAUS Case Law Citation: ABCAUS 2230 (2018) (03) ITAT The appellant assessee was aggrieved by the order of the CIT(A) in confirming the …
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 …
Addition made in computation of income comes under Explanation 1(B) of Section 271(1) related to concealment penalty under the Income Tax Act. Explanation rejected by ITAT in assessment proceedings, can not be considered bona fide in penalty proceedings-High Court ABCAUS Case Law Citation: ABCAUS 2169 (2018) (01) HC …