section 271(1)(c)

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...

Read More

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....

Read More

All about Income Tax Offences liable to prosecution

Income Tax - Section 132 empowers the tax authorities to initiate search proceedings at the premises of the taxpayer. During the course of search the tax authorities are also empowered to seize money, bullion, jewellery or other valuable article or thing found from the taxpayer. ...

Read More

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....

Read More

Specified Domestic Transaction- Penalty for Concealment of Income

Income Tax - The provisions of transfer pricing are designed to keep a check on the practice of reducing the tax liability by entering into transactions at prices higher/lower than market prices with one or more associated entity....

Read More

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...

Read More

No penalty for Making of claim not sustainable in law unless mens rea established

Thane District Central Co.-Op. Bank Ltd. Vs ACIT (ITAT Mumbai) - Mere making of claim, which was not sustainable in law, by itself, did not amount to furnishing of inaccurate particulars, unless mens rea was established, therefore, levy of penalty under section 271(1)(c) was not justified....

Read More

Penalty Order not get vitiated for mere acceptance of appeal by HC in Quantum Proceedings

Pr CIT Vs. Shree Gopal Housing & Plantation Corporation (Bombay High Court) - It cannot be a universal rule that once an appeal from the order of the Tribunal has been admitted in the quantum proceedings by High Court, then, ipso facto the issue is a debatable issue warranting deletion of penalty by the Tribunal....

Read More

Mere change of head of income not amounts to furnishing of inaccurate particulars of income

Dy. CIT Vs. ACEE Enterprises (ITAT Delhi) - Where AO had imposed penalty under section 271(1)(c) on account of change of head of income in assessment, it was held that mere making a claim which was not acceptable to revenue, could not tantamount to furnishing of inaccurate particulars of income to attract penalty proceedings....

Read More

No penalty on income on which tax been paid before notice U/s. 148 & disclosed later

Prabhjit Singh Sidhu Vs. Asst. DIT (International Taxation) (ITAT Chandigarh) - Prabhjit Singh Sidhu Vs. Asst. DIT (International Taxation) (ITAT Chandigarh) The facts before us also demonstrate that the disclosure in the return of income filed under section 148 of the Act was voluntary and before detection of the same by the Revenue. The payment of taxes on the said income two...

Read More

ITAT confirms Penalty on admitted bogus purchase to Inflate work in progress

Centaur Mercantile P. Ltd. Vs ACIT (ITAT Mumbai) - Centaur Mercantile P. Ltd. Vs ACIT (ITAT Mumbai) It is undisputed that the assessee has booked bogus purchases thereby inflating work-in-progress. Hence, it is clear that the assessee was owner of undisclosed income during the year. It was because of the system of accounting followed by the assessee...

Read More
Sorry No Post Found

section 271(1)(c)’s Popular Posts

Recent Posts in "section 271(1)(c)"

No penalty for Making of claim not sustainable in law unless mens rea established

Thane District Central Co.-Op. Bank Ltd. Vs ACIT (ITAT Mumbai)

Mere making of claim, which was not sustainable in law, by itself, did not amount to furnishing of inaccurate particulars, unless mens rea was established, therefore, levy of penalty under section 271(1)(c) was not justified....

Read More

Penalty Order not get vitiated for mere acceptance of appeal by HC in Quantum Proceedings

Pr CIT Vs. Shree Gopal Housing & Plantation Corporation (Bombay High Court)

It cannot be a universal rule that once an appeal from the order of the Tribunal has been admitted in the quantum proceedings by High Court, then, ipso facto the issue is a debatable issue warranting deletion of penalty by the Tribunal....

Read More

Mere change of head of income not amounts to furnishing of inaccurate particulars of income

Dy. CIT Vs. ACEE Enterprises (ITAT Delhi)

Where AO had imposed penalty under section 271(1)(c) on account of change of head of income in assessment, it was held that mere making a claim which was not acceptable to revenue, could not tantamount to furnishing of inaccurate particulars of income to attract penalty proceedings....

Read More

No penalty on income on which tax been paid before notice U/s. 148 & disclosed later

Prabhjit Singh Sidhu Vs. Asst. DIT (International Taxation) (ITAT Chandigarh)

Prabhjit Singh Sidhu Vs. Asst. DIT (International Taxation) (ITAT Chandigarh) The facts before us also demonstrate that the disclosure in the return of income filed under section 148 of the Act was voluntary and before detection of the same by the Revenue. The payment of taxes on the said income two months prior to issue […]...

Read More

ITAT confirms Penalty on admitted bogus purchase to Inflate work in progress

Centaur Mercantile P. Ltd. Vs ACIT (ITAT Mumbai)

Centaur Mercantile P. Ltd. Vs ACIT (ITAT Mumbai) It is undisputed that the assessee has booked bogus purchases thereby inflating work-in-progress. Hence, it is clear that the assessee was owner of undisclosed income during the year. It was because of the system of accounting followed by the assessee being percentage completion method, tha...

Read More

Every wrong claim by assessee cannot tantamount to furnishing of wrong particulars

M/s Agrahari Builders Pvt. Ltd. Vs. Dy. C.I.T. (ITAT Lucknow)

The ITAT bench comprising of Accountant Member T. S. Kapoor and Judicial Member Partha Sarathi Chaudhury, held that penalty under Section 271(1)(c) of the Income Tax Act, 1961 would not attract when assessee makes an Ineligible Claim....

Read More

ITAT stays demand raised on addition made by CIT(A)

Estate of Late Vrajlal Mehta Vs ACIT (ITAT Mumbai)

Estate of Late Vrajlal Mehta Vs ACIT (ITAT Mumbai) We noticed that explanation of the assessee that two bank accounts belonged to Shri Rajesh Mehta have been accepted by the search officials as well as Assessing Officer. We notice that the balance available in those bank accounts have been assessed by the learned CIT(A) only, […]...

Read More

Penalty cannot be imposed for Mere ALP computation method change by TPO

M/s Halcrow Consulting India Pvt. Ltd. Vs. DCIT (ITAT Delhi)

It is seen that the grounds on which the ALP determined by the assessee has been rejected are reasonably debatable. The assessee had obtained a transfer pricing study from an outside expert and the objectivity of the same was not called into question....

Read More

Smallness of amount of additions vis-a-vis returned loss is a bonafide explanation

Balaji Motion Pictures Ltd. Vs. DCIT (ITAT Mumbai)

Balaji Motion Pictures Ltd. Vs. DCIT (ITAT Mumbai) The assessee has given an explanation that keeping in view smallness of the amount being addition of Rs. 2,16,441/- and also keeping in view that the assessee had claimed a loss of more than of Rs. 9 crores in the return of income filed with the Revenue […]...

Read More

Penalty order liable for cancellation if penalty notice do not specify why it is been initiated

Aditya Chemicals Ltd Vs. The I.T.O (ITAT Delhi)

This appeal filed by the assessee is directed against the order dated 08.07.2013 passed by the CIT(A)-IV, New Delhi in appeal No. 03/12-13 for the AY 1997-98 passed u/s 271 (1 )(c) of the Income-tax Act, 1961 [hereinafter referred to as 'the Act' for short]....

Read More
Page 1 of 3512345...102030...Last »

Browse All Categories

CA, CS, CMA (3,650)
Company Law (3,705)
Custom Duty (6,857)
DGFT (3,607)
Excise Duty (4,105)
Fema / RBI (3,405)
Finance (3,621)
Income Tax (26,738)
SEBI (2,834)
Service Tax (3,328)

Search Posts by Date

April 2018
M T W T F S S
« Mar    
 1
2345678
9101112131415
16171819202122
23242526272829
30