Penalty for Concealment of Income

Penalties and Prosecutions Under Income tax Act, 1961

Income Tax - 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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Prosecutions and Punishment under Income-Tax Act, 1961

Income Tax - Apart from penalty for various defaults, the Income-tax Act also contains provisions for launching prosecution proceedings against the taxpayers for various offences. In this part you can gain knowledge about the various provisions relating to prosecution which can be launched under the Income-tax Act....

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All about Income Tax Offences liable to prosecution

Income Tax - Apart from levy of penalty for various defaults by the taxpayer, the Income-tax Law also contains provisions for launching prosecution for offences committed by the taxpayer. In this part you can gain knowledge about offences in respect of which prosecutions can be launched under the Income-tax Law. For provisions relating to punishment c...

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5 Ways to avoid Income Tax Penalties

Income Tax - We are morally bound to pay taxes, legally too. It is for the betterment of our own nation. The taxes we pay help the country develop and prosper, which is definitely good for the society at large....

Read More

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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No Penalty if AO himself not sure about charge on which penalty was to be levied

Trans Conduct (India) Vs. Asst. CIT (ITAT Mumbai) - Penalty under section 271(1)(c) could be levied where AO was not sure about the charge on which penalty was to be levied since he had initiated penalty proceedings for both the charges, i.e., furnishing of inaccurate particulars of income as well as concealment of particulars of income, and also lev...

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Penalty cannot be imposed for Bonafide omission during return filing, surfaced during Section 148/148 Assessment

Pankaj Kumar Gupta Vs. ITO (ITAT Lucknow) - In the instant case, nothing is on record to show that there was any malafide intention on the part of the assessee to conceal the income or furnish inaccurate particulars of income and there was an omission while filing the return of income which was rectified through challan on the very date of pa...

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No Penalty for claim which was allowed at one Stage and disallowed later on

DCIT Vs American Express India Pvt. Ltd. (ITAT Delhi) - If a claim made by the assessee has been allowed at one stage and later on has been disallowed, ostensibly, the assessee can said to have some bona fide belief for making such a claim. ...

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Penalty cannot be levied on a basis other than what it was in Quantum Appeal

Indermal Manaji Vs. The Commissioner of Income Tax (Bombay High Court) - S. 271(1)(c): If the basis on which penalty is initiated by the AO and the basis on which the quantum is confirmed on merits by the Tribunal are different, penalty cannot be levied ...

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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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Recent Posts in "Penalty for Concealment of Income"

Penalties and 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...

Read More
Posted Under: Income Tax |

Prosecutions and Punishment under Income-Tax Act, 1961

Apart from penalty for various defaults, the Income-tax Act also contains provisions for launching prosecution proceedings against the taxpayers for various offences. In this part you can gain knowledge 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

Apart from levy of penalty for various defaults by the taxpayer, the Income-tax Law also contains provisions for launching prosecution for offences committed by the taxpayer. In this part you can gain knowledge about offences in respect of which prosecutions can be launched under the Income-tax Law. For provisions relating to punishment c...

Read More
Posted Under: Income Tax | ,

No Penalty if AO himself not sure about charge on which penalty was to be levied

Trans Conduct (India) Vs. Asst. CIT (ITAT Mumbai)

Penalty under section 271(1)(c) could be levied where AO was not sure about the charge on which penalty was to be levied since he had initiated penalty proceedings for both the charges, i.e., furnishing of inaccurate particulars of income as well as concealment of particulars of income, and also levied the penalty on both the charges vide...

Read More

5 Ways to avoid Income Tax Penalties

We are morally bound to pay taxes, legally too. It is for the betterment of our own nation. The taxes we pay help the country develop and prosper, which is definitely good for the society at large....

Read More
Posted Under: Income Tax |

Penalty cannot be imposed for Bonafide omission during return filing, surfaced during Section 148/148 Assessment

Pankaj Kumar Gupta Vs. ITO (ITAT Lucknow)

In the instant case, nothing is on record to show that there was any malafide intention on the part of the assessee to conceal the income or furnish inaccurate particulars of income and there was an omission while filing the return of income which was rectified through challan on the very date of passing the assessment order. ...

Read More

No Penalty for claim which was allowed at one Stage and disallowed later on

DCIT Vs American Express India Pvt. Ltd. (ITAT Delhi)

If a claim made by the assessee has been allowed at one stage and later on has been disallowed, ostensibly, the assessee can said to have some bona fide belief for making such a claim. ...

Read More

Penalty cannot be levied on a basis other than what it was in Quantum Appeal

Indermal Manaji Vs. The Commissioner of Income Tax (Bombay High Court)

S. 271(1)(c): If the basis on which penalty is initiated by the AO and the basis on which the quantum is confirmed on merits by the Tribunal are different, penalty cannot be levied ...

Read More

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....

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