section 271(1)(c)

Football & Income Tax- Penalty, in both, is Hefty

Income Tax - Arjuna, while playing on the Football Ground if, a player pushes other players or creates any obstruction then the referee whistles and show a Yellow Card. Yellow Card represents a mild penalty. If you look at Income Tax, the taxpayers are intimated by a prior notice and thereafter a penalty is levied...

Validity of Penalty Notice- Continuing Saga

Income Tax - The Bombay High Court has in its order dated 12th June, 2020 in the case of Ventura Textiles Ltd (ITA No.958/2017) has given a fresh perspective to the controversy of validity of penalty notice under section 271(1)(c). In the past the courts have held that if the show cause notice proposing penalty under section 271(1)(c) do not clearly s...

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....

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....

Power of Commissioner to Reduce or Waive Income Tax Penalty

Income Tax - In the tutorial on Penalties Under the Income-tax Act, we discussed various penalties imposable under the Income-tax Act in respect of various defaults. Apart from enacting penalty provisions...

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Easwar Committee Recommends Non-Levy Of Penalty in certain circumstances

Income Tax - The Committee recommends that the scope of Section 273B should be suitably enlarged to provide that penalty for concealment of income or furnishing inaccurate particulars thereof will not be imposed where any addition or disallowance is made without any evidence or in a routine manner or on estimate and in cases where the Assessing Office...

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Section 271(1)(c) Penalty without Specifying The Limb Is Invalid

Elite Realtech Pvt. Ltd. Vs ACIT (ITAT Delhi) - Elite Realtech Pvt. Ltd. Vs ACIT (ITAT Delhi) As regards penalty order, firstly, the correct limb was not struck off or rather indicated by the Assessing Officer in the notice under Section 274 r.w.s. 271(1)(c) of the Act and hence the decision of the Jurisdictional High Court in case of M/s Sahara ...

Penalty cannot be imposed merely because assessee had made a new claim

PCIT Vs Taneja Developers and Infrastructure Ltd. (Delhi High Court) - PCIT Vs Taneja Developers and Infrastructure Ltd. (Delhi High Court) Tribunal was required to consider, was: whether penalty could be imposed on the assessee only because it had made a new claim [in line with the change in its accounting policy] in its fresh return? Admittedly, [and there is no disp...

Penalty not sustainable when Quantum Addition was set aside

RBJ Infratech Pvt. Ltd. Vs ITO (ITAT Delhi) - RBJ Infratech Pvt. Ltd. Vs ITO (ITAT Delhi) We are of the view that penalty U/s 271(1)(c) of I.T Act levied by AO has no legs to stand at present, when the corresponding additions made by the AO have already been deleted by ITAT vide its aforesaid order dated 22.12.2020 when the aforesaid quantum ad...

Penalty cannot be levied on the basis of estimated additions

Laxman Trimbak Gule Vs ITO (ITAT Pune) - Delhi High Court in CIT vs. Aero Traders Pvt. Ltd. has held that no penalty u/s.271(1)(c) of the Act can be imposed when income is determined on estimate basis....

Section 271(1)(c) Penalty imposed without specifying the limb is invalid

Glory Lifesciences Pvt. Ltd. Vs ACIT (ITAT Delhi) - Glory Lifesciences Pvt. Ltd. Vs ACIT (ITAT Delhi) It is an admitted fact that before levy of the penalty A.O. has issued show cause notice Dated 20.06.2014 in all the years in which A.O. has mentioned both the limbs of Section 271(1)(c) of the I.T. Act that assessee have concealed the particulars of...

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Immunity under Section 270AA of Income-tax Act, 1961- CBDT Clarifies

Circular No 5/2018-Income Tax - (16/08/2018) - Section 270AA of the Income-tax Act, 1961 (the Act) inter alia provides that w.e.f. 1 st April, 2017, the Assessing Officer, on an application made by an assessee, may grant immunity from imposition of penalty under section 270A (not being penalty for misreporting) and initiation of proceedings unde...

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section 271(1)(c)

Football & Income Tax- Penalty, in both, is Hefty

Validity of Penalty Notice- Continuing Saga

Prosecutions and Punishment under Income Tax Act, 1961

Income Tax Offences liable to prosecution

Power of Commissioner to Reduce or Waive Income Tax Penalty

Easwar Committee Recommends Non-Levy Of Penalty in certain circumstances

Section 271(1)(c) Penalty without Specifying The Limb Is Invalid

Penalty cannot be imposed merely because assessee had made a new claim

Penalty not sustainable when Quantum Addition was set aside

Penalty cannot be levied on the basis of estimated additions

Section 271(1)(c) Penalty imposed without specifying the limb is invalid

Immunity under Section 270AA of Income-tax Act, 1961- CBDT Clarifies

section 271(1)(c)’s Popular Posts

Balee Plastics Pvt. Ltd. Vs ITO (ITAT Mumbai) We find that on perusal of page 10 read with page 13 of the factual paper book filed by the assessee comprising of the profit and loss account for the year ended 31/03/2009 and th

Assessee had disclosed additional income in return filed in response to notice issued under section 153A voluntarily, hence, there could not be any penalty under Expln. 5A to section 271(1)(c) as income disclosed by assessee

ACIT Vs Kishangarh Hi Tech Textile Park Ltd. (ITAT Jaipur) Since the assessee has disclosed entire facts in the Balance Sheet with regard to the subsidy of Rs. 36.00 crores received by it and the depreciation at 80% on the en

Delhi High Court has upheld the deletion of the penalty on the ground i.e. the fact that appeals were admitted proved that the issue was debatable.

Rishabh Buildwell P. Ltd. Vs DCIT (ITAT Delhi) Once the assessee files a revised return under Section 1 53A, for all other provisions of the Act, the revised return will be treated as the original return filed under Section 1

Recent Posts in "section 271(1)(c)" | Total 508 Posts

Section 271(1)(c) Penalty without Specifying The Limb Is Invalid

Penalty cannot be imposed merely because assessee had made a new claim

Penalty not sustainable when Quantum Addition was set aside

Penalty cannot be levied on the basis of estimated additions

Section 271(1)(c) Penalty imposed without specifying the limb is invalid

Penalty cannot be imposed in every case merely because it is lawful to do so

Penalty cannot be levied merely for addition due to adjustment by TPO in Valuation

Penalty cannot be imposed for merely treating capital asset as Agricultural Land

Without Demonstrating any Concealment in Seized Material No Penalty Can Be Levied By AO

No Section 271(1)(c) Penalty when No Concealment In ITR

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