section 271(1)(c)

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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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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Penalties under the Income-Tax Act, 1961

Income Tax - Under the Income-tax Act, penalties are levied for various defaults committed by the taxpayer. Some of the penalties are mandatory and a few are at the discretion of the tax authorities. In this part, you can gain knowledge about the provisions relating to various penalties leviable under the Income-tax Act....

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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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No Penalty U/s. 271(1)(c) for Bonafide Mistake committed by CA

ALP Overseas Pvt. Ltd Vs DCIT (ITAT Delhi) - The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) has held that no penalty can be initiated against the assessee under section 271(1)(c) of the Income Tax Act, 1961 for a bonafide mistake committed on the part of the Chartered Accountant....

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AO cannot be uncertain in penalty order as to concealment or furnishing of inaccurate particulars of income

HPCL Mittal Energy Ltd. Vs The Addl. Commissioner of Income Tax (ITAT Amritsar) - HPCL Mittal Energy Ltd. Vs Addl. CIT (ITAT Amritsar) The moot question is that what should be the nature of specification of a charge by the AO at the stage of initiation of penalty proceedings and at the time of passing the penalty order. Is the AO required to specify in the penalty notice/order as...

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Penalty U/s. 271(1)(c) not attracted for a mere wrong claim

Pr. Cit Vs Samtel India LTD (Delhi High Court) - Pr. CIT Vs Samtel India LTD (Delhi High Court) From the facts of this case it is clear that the assessee disclosed all the particulars of his income. The AO has disallowed his claim without holding it to be bogus or false. Hence, the genuineness of the loss occurred is not at question here. The [&he...

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No Penalty for addition due to deeming provisions of Section 50C

Shri Ashwani Jaipaty Vs The DCIT (ITAT Delhi) - A.O. applied the deeming provisions of Section 50C of the I.T. Act, for the purpose of making the addition. Thus, the A. O. did not bring any positive evidence on record to show that assessee has concealed particulars of income or furnished any inaccurate particulars....

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Sec. 271(1)(c) Penalty not justified merely for disallowance of claim

Jain Studios Ltd. & Anr. Vs DCIT (ITAT Delhi) - Jain Studios Ltd. & Anr. Vs DCIT (ITAT Delhi)  Mere making of a claim which had not been accepted, would not per se tantamount to furnishing of inaccurate particulars to attract penalty proceedings under section 271(1)(c) of Income Tax Act, 1961. Bare perusal of explanation furnished by the a...

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

Circular No 5/2018 - (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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Recent Posts in "section 271(1)(c)"

No Penalty U/s. 271(1)(c) for Bonafide Mistake committed by CA

ALP Overseas Pvt. Ltd Vs DCIT (ITAT Delhi)

The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) has held that no penalty can be initiated against the assessee under section 271(1)(c) of the Income Tax Act, 1961 for a bonafide mistake committed on the part of the Chartered Accountant....

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AO cannot be uncertain in penalty order as to concealment or furnishing of inaccurate particulars of income

HPCL Mittal Energy Ltd. Vs The Addl. Commissioner of Income Tax (ITAT Amritsar)

HPCL Mittal Energy Ltd. Vs Addl. CIT (ITAT Amritsar) The moot question is that what should be the nature of specification of a charge by the AO at the stage of initiation of penalty proceedings and at the time of passing the penalty order. Is the AO required to specify in the penalty notice/order as […]...

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Penalty U/s. 271(1)(c) not attracted for a mere wrong claim

Pr. Cit Vs Samtel India LTD (Delhi High Court)

Pr. CIT Vs Samtel India LTD (Delhi High Court) From the facts of this case it is clear that the assessee disclosed all the particulars of his income. The AO has disallowed his claim without holding it to be bogus or false. Hence, the genuineness of the loss occurred is not at question here. The […]...

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No Penalty for addition due to deeming provisions of Section 50C

Shri Ashwani Jaipaty Vs The DCIT (ITAT Delhi)

A.O. applied the deeming provisions of Section 50C of the I.T. Act, for the purpose of making the addition. Thus, the A. O. did not bring any positive evidence on record to show that assessee has concealed particulars of income or furnished any inaccurate particulars....

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Sec. 271(1)(c) Penalty not justified merely for disallowance of claim

Jain Studios Ltd. & Anr. Vs DCIT (ITAT Delhi)

Jain Studios Ltd. & Anr. Vs DCIT (ITAT Delhi)  Mere making of a claim which had not been accepted, would not per se tantamount to furnishing of inaccurate particulars to attract penalty proceedings under section 271(1)(c) of Income Tax Act, 1961. Bare perusal of explanation furnished by the assessee went to prove that it had come u...

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No Penalty u/s 271(1)(c) if two legal interpretations were possible and Assessee acted in bonafide manner

M/s Inspectorate Singapore Pte. Ltd.  Vs ADIT (ITAT Delhi)

M/s Inspectorate Singapore Pte. Ltd.  Vs ADIT (ITAT Delhi) Assessee was under the belief that due to the ‘make available’ Clause in Article 12 (4) (b) of India Singapore DTAA, the consideration paid by the Indian customers to assessee cannot be regarded as ‘fees for technical services’ and further since there was...

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Penalty cannot be imposed merely because AO did not allow claim of Assessee

Aristo Pharmaceuticals Pvt. Ltd. Vs ACIT (ITAT Mumbai)

Recently, in Aristo Pharmaceuticals Pvt. Ltd. vs. ACIT [ITA No.6680/Mum/2012 with ITA No.5553/Mum/2014 and ITA No.5479/Mum/2015, A.Y.: 2009-10, 2011-12 & 2012-13, decided on 26.07.2018], briefly stated, the assessee-company was engaged in the business of manufacturing and sale of pharmaceuticals products filed its return of income for A.Y...

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Penalty justified on Company for claiming deduction under section 54

S.H.R. Trading (P) Ltd. Vs Dy. CIT (Bombay High Court)

Assessee-company engaged in business of letting out of immovable property, had claimed benefit of section 54. AO found that assessee, being a company was not entitled to claim deduction under section 54; thus, he initiated penalty proceedings under section 271(1)(c) for furnishing of inaccurate particulars of income. However, assessee con...

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

Circular No 5/2018 (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 under section 276C or section 276CC, subject...

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Penalty U/s. 271(1)(c) invalid if Not specifically mentioned in assessment order as to which limb penalty was imposed

ABR Auto (P) Ltd. Vs ACIT (ITAT Delhi)

As neither the assessment order nor the show cause notice stated the specific charge of alleged concealment and/or furnishing of inaccurate particulars of income vis-a-vis addition made by AO, entire penalty proceedings under Section 271(1)(c) were vitiated....

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