Income Tax : The law now proposes a single consolidated assessment-cum-penalty order for under-reporting of income, reducing multiple proceedin...
Income Tax : A summary of key penalties under the Income Tax Act for AY 2026-27, covering defaults from late filing and non-payment to misrepor...
Income Tax : Understand why an income-tax penalty under Section 271(1)(c) is invalid if the charge isn't specified as concealment or inaccurate...
Income Tax : Learn how taxpayers can defer income tax penalty proceedings when quantum additions are under appeal. Understand legal grounds and...
Income Tax : Understand penalties for under-reporting or misreporting income under Section 270A of the Income Tax Act. Fines range from 50% to ...
Income Tax : The issue involved penalty on disallowance of lease premium deduction. The Tribunal held that admission of the issue by the High C...
Income Tax : The Supreme Court held that mere differences in property valuation do not amount to furnishing inaccurate particulars. Penalty und...
Income Tax : The Supreme Court upheld deletion of penalty where the dispute involved classification of subsidy as capital or revenue receipt. I...
Income Tax : The High Court held that classification of grant-in-aid as capital or revenue is a debatable issue. It ruled that such classificat...
Income Tax : The issue involved validity of penalty proceedings initiated through an unsigned notice. The Tribunal ruled that such a notice is ...
In respect of AY 2002-2003, the assessee claimed by a revised return that the loss suffered in respect of one s. 10A unit was not liable to be set-off against the profits of another s. 10A unit. The AO rejected the claim and the assessee accepted the decision of the AO. On the question whether the assessee was liable for penalty u/s 271 (1) (c) for “furnishing inaccurate particulars of income”, especially in the light
In Dharmendra Textile Processors’ case (supra), Their Lordships have held that that penalty under section 271(1)(c) provides remedy for loss of revenue. A penalty under section 271 (1)(c) involves payment of an additional amount, which is a civil liability to provide for remedy for loss of revenue, while a sentence of imprisonment under section 276 C means loss of individual liberty which does not help revenue in anyway except as serving as a deterrent for the potential defaulters.
7. We have carefully considered the rival submissions and have also perused the materials available on record. The decisions cited at the time of hearing of appeal were duly considered. It is apparent from the record that the assessee company had debited a sum of Rs.2,37,370/ – under the head `travelling expenses’ and claimed the above expenditure as a business expenditure.
