Tag: penalty 271(1)(c)

Penalty us 271(1)(c) invoking discretionary jurisdiction us 40A(2)(b) invalid – Allahabad High Court

Penalty us 271(1)(c) invoking discretionary jurisdiction us 40A(2)(b) invalid. Income assessed on the basis of deeming provisions would not amount to non-disclosure-Allahabad High Court ABCAUS Case Law Citation: ABCAUS 1287 (2017) (07) HC The Issue: The only point of the litigation was regarding the levy of penalty under Section …

Penalty 271(1)(c) Merely if suppliers not traced at given address not indicative of concealment or furnishing inaccurate particulars

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 …

Penalty 271(1)(c) for claiming higher Housing Loan Interest deduction u/s 24(b) deleted. AO did not detect it but noticed from reply of assessee

Penalty 271(1)(c) for claiming higher Housing Loan Interest deduction u/s 24(b) deleted. The AO did not detect mistake but noticed it from the reply of the assessee – ITAT Judgment ABCAUS Case Law Citation: ABCAUS 1124 (2017) (02) ITAT Assessment Year : 2008-09 Date/Month of Pronouncement: February, 2017 …

Penalty 271(1)(c)-Explanation need not proved completely. As long as the explanation is reasonable and bonafide penalty need not be imposed-ITAT

Penalty 271(1)(c)-Explanation need not proved completely. As long as the explanation is reasonable and bonafide penalty need not be imposed-ITAT   ABCAUS Case Law Citation: ABCAUS 1116 (2017) (02) ITAT Assessment Year : 2008-09 Date of Pronouncement: 30-01-2017 Brief Facts of the Case: During the assessment, an addition …