penalty u/s 271(1)(c) Archives - Page 6 of 8

Not disclosing salary was not concealment when TDS was also not claimed – ITAT

administrator January 31, 2019 Income Tax, ITAT

Not disclosing salary was not concealment when TDS also not claimed by the assessee. ITAT deleted penalty holding that there was a reasonable cause provided in Section 273B ABCAUS Case Law Citation: ABCAUS 2761 (2019) (01) ITAT This assessee had challenged the order of the Commissioner of Income …

Mere absence of revised return not justify penalty when mistake admitted suo moto

administrator January 23, 2019 Income Tax, ITAT

When assessee during assessment proceedings voluntarily admitted mistake then mere absence of revised return would not justify penalty u/s 271(1)(c) ABCAUS Case Law Citation: ABCAUS 2738 (2019) (01) ITAT Important Case Laws Cited/relied upon: CIT Vs. Man Industries Ltd.(2018) 164 DTR (Bom) 165 CIT Vs. Somany Evergreen Knits …

Penalty SCN not striking off relevant limb upheld when later notices not challenged

administrator January 19, 2019 Income Tax, ITAT

Validity of Penalty notice non striking off relevant limb u/s 271(1)(c) upheld when subsequent opportunity notices sent by AO were not challenged ABCAUS Case Law Citation: ABCAUS 2731 (2019) (01) ITAT The assessee had filed the instant appeal against the order passed by the CIT(A) upholding the penalty …

No question of concealment when surrender made on the condition that penalty u/s 271(1)(c) not to be initiated

administrator January 6, 2019 Income Tax, ITAT

When assessee surrendered exemption claimed on the condition that penalty proceedings u/s 271(1)(c) are not initiated there was no question of concealment of income or furnishing of inaccurate particulars of income. ABCAUS Case Law Citation: ABCAUS 2698 (2019) (01) ITAT Important Case Laws Cited/relied upon: CIT vs. Manjunatha …

AO obliged to specify limb of section 271(1)(c) both at the time of initiation and levy of penalty.

administrator December 29, 2018 Income Tax, ITAT

AO is under obligation to specify the limb of section 271(1)(c) at the time of initiation as well as at the time of levy of penalty. ABCAUS Case Law Citation:ABCAUS 2689 (2018) (12) ITAT Important Case Laws Cited/relied upon:CIT Vs. Shri Samson PerincheryCIT Vs. Manjunatha Cotton and …

CIT empowered under revisionry powers u/s 263 to direct AO to initiate penalty proceedings u/s 271(1)(c)

administrator December 28, 2018 Income Tax, ITAT

CIT is empowered to invoke revisionry powers u/s 263 to direct AO to initiate penalty proceedings u/s 271(1)(c) – ITAT ABCAUS Case Law Citation:ABCAUS 2687 (2018) (12) ITAT Important Case Laws Cited/relied upon:CIT Vs. Ashok ConstructionsCIT Vs. Surendra Prasad AgarwalV. Ramanamurthy RajuStar Diamond Tools Vs. ITOCIT Vs. Paramanand …

271(1)(c) Penalty -Unspecified charge in notice can be made good in penalty order

administrator December 22, 2018 Income Tax, ITAT

Penalty U/s 271(1)(c)-Unspecified charge in notice can be made good with a clear-cut finding in penalty order – ITAT explains Law on non-striking off clauses in Notice u/s 274 ABCAUS Case Law Citation:ABCAUS 2678 (2018) (12) ITAT Important Case Laws Cited/relied upon:CIT vs. SSA’S Emerald Meadows (2016) 242 …

Mere making a claim for set off of losses not furnishing inaccurate particulars of income – ITAT

administrator November 23, 2018 Income Tax, ITAT

Mere making a claim for set off of losses not furnishing inaccurate particulars of income as it was personal opinion with regard to income-tax – ITAT ABCAUS Case Law Citation: ABCAUS 2646 (2018) (11) ITAT Important Case Laws Cited/relied upon: CIT Vs. Reliance Petroproducts (P) Ltd. (2010) 322 …

Not disclosing accrued FDR interest payable on maturity was not Concealment – ITAT

administrator November 22, 2018 Income Tax, ITAT

Not disclosing accrued FDR interest payable on maturity was not Concealment. Penalty deleted as interest was payable on termination or on maturity ABCAUS Case Law Citation: ABCAUS 2645 (2018) (11) ITAT The instant appeal of the assessee was directed against the order of the Commissioner of Income Tax(Appeals) …

Explanation of assessee though rejected in assessment, accepted by ITAT in penalty proceedings

administrator October 24, 2018 Income Tax, ITAT

Assessee’s explanation may not be sufficient for deleting addition on merit, however, in penalty proceedings it deserves to be accepted – ITAT deletes concealment penalty imposed for addition made due to unserved summons on debtors ABCAUS Case Law Citation: ABCAUS 2591 (2018) (10) ITAT The instant appeal was …

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