Penalty for Concealment of Income

Section 270A – Encouraging assesse to disclose unreported income?

Income Tax - The Finance bill 2016 bought a new array of sections to the income tax act that are section 270A and 270AA. The law aims to provide a new procedure for charging penalty for concealment or understatement of income which intends to replace the existing array of sections that is 271(1)(c)....

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200% penalty on unaccounted cash deposited in Bank Account

Income Tax - In this article, possibility for levy of penalty U/s. 270A of the Income Tax Act has been analysed in case where a person deposits his unaccounted cash in bank account and paid due tax thereon in return of income for AY 2017-18....

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Penalty CANNOT be imposed for mere cash deposits in bank A/c

Income Tax - The penalty of 200% is a reality and levied under section 270A of the income tax act, 1961 in cases of under-reporting of income or misreporting of income. ...

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Penalty on Cash deposit of Rs.500/1000 note in Bank Account in India

Income Tax - The ban of Rs.500/1000 note in India is creating havoc in the Indian markets. Everybody is either rushing towards banks or towards jeweler market to safeguard the black money....

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Prosecutions and Punishment under Income-Tax Act, 1961

Income Tax - In Addition to penalty for various defaults, the Income-tax Act,1961 also contains provisions for launching prosecution proceedings against the taxpayers for various offences. This Article explains about the various provisions relating to prosecution which can be launched under the Income-tax Act,...

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No Penalty for making untenable Claim on Professional advice

Commissioner of Income Tax Vs Smt. Anita Kumaran (Madras High Court) - To our mind, in the instant case, what has emerged is that the Assessee, having realised that the expenditure claimed towards travelling under Section 57 of the Act was not tenable, offered the amounts expended to be added to her income and, accordingly, paid the requisite tax and interest upon the...

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Penalty cannot be levied for bonafide mistakes in making wrong claim

Wadhwa Estate & Developers India Pvt. Ltd Vs ACIT (ITAT Mumbai) - Aforesaid appeal by the assessee is directed against order dated 30th December 2015, passed by the learned Commissioner (Appeals)– 53, Mumbai, confirming penalty imposed of Rs. 2,57,246, under section 271(1)(c) of the Income Tax Act, 1961 (for short the Act) for the assessment year 2011-12....

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Penalty U/s. 271(1)(c) without finding of AO not justified

J.K. Synyhetics Ltd. Vs. CIT( Allahabad High Court) - Penalty U/s. 271(1)(c) not leviable where there is complete absence of recording of any finding that assessee had indulged in any concealment of any material particulars or that explanation offered by him was not bonafide or was false...

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Penalty cannot be imposed on preponderance of probabilities

Sh. Jagjit Singh Vs. ITO (ITAT Chandigarh) - It is well settled that the parameters of judging the justification for addition made in the assessment case of the assessee is different from the penalty imposed on account of concealment of income or filing of inaccurate particulars of income and that certain disallowance/addition could legally be...

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No Penalty for concealment under normal provisions if book profits U/s. 115JB assessed

Commissioner Of Income Tax, Meerut And Another Vs M/S Jindal Polyester & Steel Ltd. Ghaziabad (Allahabad High Court) - Whether on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal is legally justified in cancelling the penalty levied under Section 271(1)(c) inspite of the fact that the assessee did not furnish any explanation either before the Assessing officer...

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Recent Posts in "Penalty for Concealment of Income"

No Penalty for making untenable Claim on Professional advice

Commissioner of Income Tax Vs Smt. Anita Kumaran (Madras High Court)

To our mind, in the instant case, what has emerged is that the Assessee, having realised that the expenditure claimed towards travelling under Section 57 of the Act was not tenable, offered the amounts expended to be added to her income and, accordingly, paid the requisite tax and interest upon the same. In our opinion, this was not a ca...

Read More

Penalty cannot be levied for bonafide mistakes in making wrong claim

Wadhwa Estate & Developers India Pvt. Ltd Vs ACIT (ITAT Mumbai)

Aforesaid appeal by the assessee is directed against order dated 30th December 2015, passed by the learned Commissioner (Appeals)– 53, Mumbai, confirming penalty imposed of Rs. 2,57,246, under section 271(1)(c) of the Income Tax Act, 1961 (for short the Act) for the assessment year 2011-12....

Read More

Penalty U/s. 271(1)(c) without finding of AO not justified

J.K. Synyhetics Ltd. Vs. CIT( Allahabad High Court)

Penalty U/s. 271(1)(c) not leviable where there is complete absence of recording of any finding that assessee had indulged in any concealment of any material particulars or that explanation offered by him was not bonafide or was false...

Read More

Section 270A – Encouraging assesse to disclose unreported income?

The Finance bill 2016 bought a new array of sections to the income tax act that are section 270A and 270AA. The law aims to provide a new procedure for charging penalty for concealment or understatement of income which intends to replace the existing array of sections that is 271(1)(c)....

Read More
Posted Under: Income Tax | ,

200% penalty on unaccounted cash deposited in Bank Account

In this article, possibility for levy of penalty U/s. 270A of the Income Tax Act has been analysed in case where a person deposits his unaccounted cash in bank account and paid due tax thereon in return of income for AY 2017-18....

Read More
Posted Under: Income Tax | ,

Penalty CANNOT be imposed for mere cash deposits in bank A/c

The penalty of 200% is a reality and levied under section 270A of the income tax act, 1961 in cases of under-reporting of income or misreporting of income. ...

Read More
Posted Under: Income Tax | ,

Penalty on Cash deposit of Rs.500/1000 note in Bank Account in India

The ban of Rs.500/1000 note in India is creating havoc in the Indian markets. Everybody is either rushing towards banks or towards jeweler market to safeguard the black money....

Read More
Posted Under: Income Tax | ,

Prosecutions and Punishment under Income-Tax Act, 1961

In Addition to penalty for various defaults, the Income-tax Act,1961 also contains provisions for launching prosecution proceedings against the taxpayers for various offences. This Article explains about the various provisions relating to prosecution which can be launched under the Income-tax Act,...

Read More
Posted Under: Income Tax | ,

All about Income Tax Offences liable to prosecution

In addition to levy of penalty for various defaults by the taxpayer, the Income-tax Act,1961 also contains provisions for initiating prosecution for offences committed by the taxpayer. In this article you will know about offences in respect of which prosecutions can be launched under the Income-tax Law. ...

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Posted Under: Income Tax | ,

Penalties & Prosecutions Under Income tax Act, 1961

Penalties and Prosecutions Default in complying with provisions of or with conditions prescribed under the Income-tax Act would attract certain penalty and in critical cases prosecutions as well. The document will provide you information about the punishable offences, prosecutions and the quantum of penalties that can be imposed under the...

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Posted Under: Income Tax | ,
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