Tag: penalty u/s 271(1)(c)

Reduction of loan waived from fixed assets actual cost-wdv u/s 43(6)(c) not required for calculating depreciation under I.T. Act – ITAT

Reduction of loan waived from fixed assets actual cost-wdv u/s 43(6)(c) not required for calculating depreciation allowable under Income tax Act – ITAT ABCAUS Case Law Citation: ABCAUS 1190 (2017) (03) ITAT The Grievance: The appellant assessee company was aggrieved by the order passed by the CIT(A) confirming …

Concealment penalty deleted when income was received by cheque after deducting TDS. ITAT accepts non disclosure as inadvertent

Concealment penalty deleted when income was received by cheque after deducting TDS. ITAT accepts that non disclosure was inadvertent not willful.    ABCAUS Case Law Citation: ABCAUS 1171 (2017) (03) ITAT The Grievance: The appellant assessee had challenged the order of CIT(A) confirming the order of Assessing Officer …

Income declared us 132(4) is voluntary offer, the statement cannot be considered as detection by the Revenue. Penalty u/s 271(1)(c) deleted by ITAT

Income declared us 132(4) is voluntary offer, the statement cannot be considered as detection by the Revenue. Penalty u/s 271(1)(c) deleted by ITAT ABCAUS Case Law Citation: ABCAUS 1151 (2017) (03) ITAT Assessment Year(s) : 2006-07 and 2007-08 Date/Month of Pronouncement: March, 2017 Brief Facts of the Case: …

No concealment penalty without recording findings to bonafide of the explanation offered by the assessee with reasoning. ITAT deletes penalty u/s 271(1)(c)

No concealment penalty without recording findings to bonafide of the explanation offered by the assessee with reasoning. ITAT deletes penalty u/s 271(1)(c) ABCAUS Case Law Citation: ABCAUS 1140 (2017) (02) ITAT The Grievance: The assessee is aggrieved with the levy of penalty u/s 271(1)(c) of the Income-tax Act, …

Non striking off clause in penalty notice u/s 271(1)(c) do not invalidate it. ITAT deviates from the Judgment of Karnataka High Court follows jurisdictional High Court

Non striking off clause in penalty notice u/s 271(1)(c) do not invalidate it. ITAT deviates from the Judgment of Karnataka High Court follows jurisdictional High Court In a recent judgment, ITAT Mumbai has upheld the penalty u/s 271(1)(c) dismissing the contention of the assessee regarding not striking off …