U/s. 271(1)(c)

Now coming to the merits of the case, we noticed that the AO levied penalty u/s 271(l)(c) on the ground that the assessee has filed inaccurate particulars of income. What is inaccurate particulars of income within the meaning of provisions of section 271(l)(c) of the Act has been discussed in details by the 1TAT Mumbai Bench in the case of Mimosa Investment Co. Pvt. Ltd, in ITA NO. 2983/Mum/07 for AY 2004-05 order dated 15.01.09. The said order has been followed by the I.. Full Article

Even if there is no concealment of income or furnishing of inaccurate particulars, but on the basis thereof the claim, which is made, is ex facie bogus, it may still attract penalty provision. Full Article

SUMMARY OF CASE LAW Section 271(1)(c) can be invoked for imposing a penalty on an assessee, only if there is a “concealment of particulars of income” or alternatively if an assessee furnishes “incorrect particulars of income. CASE LAW DETAILS Decided by: HIGH COURT OF PUNJAB AND HARYANA, In The case of:CIT v Haryana Warehousing Corporation, Appeal No.: [...] Full Article

SUMMARY OF CASE LAW Mere omission of the surrendered income from the return of an item of receipt does neither amount to concealment nor furnishing of inaccurate particulars of income; mere asking of a question or simply raising of an enquiry about any loan/gift does not tantamount to detection of concealment. Full Article

SUMMARY OF CASE LAW Mere non-acceptance of explanation offered by the assessee cannot form a basis for the satisfaction of ITO to the effect that the assessee has concealed particulars of his income; he must have some definite evidence to refuse the assessee’s claim or evidence or explanation.  CASE LAW DETAILS Decided by: ITAT, MUMBAI [...] Full Article