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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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....

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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 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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Section 35(1)(ii) deduction cannot be denied for subsequent retrospective cancellation of approval 

Kirit Laxmichand Lapsia Vs ACIT (ITAT Mumbai) - Assessee was entitled to relief on the certificate granted by the prescribed authority u/s 35(1)(ii) of the Act to the institution to which it donated the sum of money for claiming deduction under that section if it was subsisting and valid at the time the donation was made....

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Section 271(1)(c) Penalty not imposable if no addition to income

Swarnasathi Advisory Services Pvt. Limited Vs ITO (ITAT Kolkata) - Since additions have been deleted, the very foundation to visit assessee with penalty does not survive. Hence, no penalty is imposable upon assessee...

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Penalty notice become defective if it does not disclose specific charge

ACIT Vs Amit Tiwari (ITAT Indore) - ACIT Vs Amit Tiwari (ITAT Indore) The submissions of the assessee are that penalty proceedings u/s 271AAB as initiated is bad in law on account of firstly penalty notice so issued is defective as it does not disclose specific charge and secondly there is no concealed income as search took place prio...

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No concealment penalty if expense claimed twice reversed in subsequent year

PCIT Vs Gujarat State Electricity Corporation Ltd. (Gujarat High Court) - It is not in dispute that the assessee accounted for provision of interest twice by mistake and on realising such mistake, necessary rectification entries were passed in the subsequent year and the same was offered as income....

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Section 271(1)(c) penalty cannot be levied on Income Tax Additions on Ad-Hoc Basis

Vinod Oberoi Vs ITO (ITAT Delhi) - Additions made on ad-hoc basis on estimation does not attract penalty under section 271(1)(c) of the Act as there is no conclusive proof of concealment of income or furnishing of inaccurate particulars of income. ...

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

Section 35(1)(ii) deduction cannot be denied for subsequent retrospective cancellation of approval 

Kirit Laxmichand Lapsia Vs ACIT (ITAT Mumbai)

Assessee was entitled to relief on the certificate granted by the prescribed authority u/s 35(1)(ii) of the Act to the institution to which it donated the sum of money for claiming deduction under that section if it was subsisting and valid at the time the donation was made....

Read More

Section 271(1)(c) Penalty not imposable if no addition to income

Swarnasathi Advisory Services Pvt. Limited Vs ITO (ITAT Kolkata)

Since additions have been deleted, the very foundation to visit assessee with penalty does not survive. Hence, no penalty is imposable upon assessee...

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Penalty notice become defective if it does not disclose specific charge

ACIT Vs Amit Tiwari (ITAT Indore)

ACIT Vs Amit Tiwari (ITAT Indore) The submissions of the assessee are that penalty proceedings u/s 271AAB as initiated is bad in law on account of firstly penalty notice so issued is defective as it does not disclose specific charge and secondly there is no concealed income as search took place prior to due date […]...

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No concealment penalty if expense claimed twice reversed in subsequent year

PCIT Vs Gujarat State Electricity Corporation Ltd. (Gujarat High Court)

It is not in dispute that the assessee accounted for provision of interest twice by mistake and on realising such mistake, necessary rectification entries were passed in the subsequent year and the same was offered as income....

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Section 271(1)(c) penalty cannot be levied on Income Tax Additions on Ad-Hoc Basis

Vinod Oberoi Vs ITO (ITAT Delhi)

Additions made on ad-hoc basis on estimation does not attract penalty under section 271(1)(c) of the Act as there is no conclusive proof of concealment of income or furnishing of inaccurate particulars of income. ...

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Penalty u/s 271(1)(c) leviable only if there is deliberate intention to conceal income

CIT Vs S.Kumar Tyres Manufacturing Co. Ltd. (Madhya Pradesh High Court)

Madhya Pradesh High Court held that penalty u/s 271(1)(c) of the Income Tax Act not leviable in absence of deliberate intention to either conceal income or to furnish inaccurate particulars...

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Penalty u/s 271(1)(c) unsustainable as issue already decided in assessee’s favour

IRCON International Ltd Vs DCIT (ITAT Delhi)

ITAT Delhi held that penalty under section 271(1)(c) of the Income Tax Act unsustainable as claim of deduction u/s. 80IA(4) already decided in favour of the assessee....

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Section 271(1)(c) penalty cannot be imposed on debatable issue: MP HC

CIT Vs S. Kumar Tyres Manufacturing Co. Ltd. (Madhya Pradesh High Court)

CIT Vs S. Kumar Tyres Manufacturing Co. Ltd. (Madhya Pradesh High Court) Sub-Whether there can be any penalty u/s 271(1)(c) in respect of a debatable issue? The Division bench of Madhya Pradesh High Court was considering department’s appeal when ITAT had given relief to the assessee by holding that there could not have been penalty [&he...

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No penalty on undisputed claim of Interest paid to firm against business income

Bhawneshwar Kumar Vs ITO (ITAT Chandigarh)

Bhawneshwar Kumar Vs ITO (ITAT Chandigarh) In the instant case, the matter relates to claim of interest paid by the assessee to the partnership firm where the assessee is a partner and from where the assessee also draws the remuneration. Both the interest paid and remuneration received from the partnership firm has been duly reflected [&h...

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No penalty for Adjustment in book profit due to disallowance of depreciation under MAT provisions

Jubilant Infrastructure Ltd Vs DCIT (ITAT Delhi)

Jubilant Infrastructure Ltd Vs DCIT (ITAT Delhi) The disallowance of depreciation in quantum proceedings in A.Y.2016-17 has also resulted in corresponding enhancement of deduction under section 80IAB by the equal amount. The AO has also allowed the enhanced deduction in the quantum and, therefore, no prejudice was caused to the revenue by...

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