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Income Tax - For invoking the provisions of section 271(1)(c) of the Income Tax Act, satisfaction of the concerned income tax authority is must that any person has:- Either concealed particulars of his income OR Furnished inaccurate particulars of such income and such satisfaction must be arrived at in the course of any proceeding under the Act. Satis...
Read MoreIncome 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...
Read MoreIncome 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 MoreIncome 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...
Read MoreIncome 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 MoreIncome 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 MoreRatan Kumar Paul Vs DCIT (ITAT Kolkata) - Where show cause notice issued under section 274 read with section 271(1)(c) did not specify charge against assessee as to whether it was for concealing particulars of income or furnishing inaccurate particulars of income, levy of penalty could no be sustained....
Read MoreCIT Vs L & T Finance Ltd. (Bombay High Court) - Making of incorrect claim in law would not by itself amount to concealment of income or giving inaccurate particulars of income. Since revenue had not been able to show even remotely that there was any concealment of income or filing of inaccurate particulars of income, appeal was to be dismissed....
Read MoreDCIT Vs Federal Brands Ltd. (ITAT Mumbai) - An excess claim of depreciation by an assessee for bonafide reasons would not justify imposition of penalty under section 271(1)(c) had also been deliberated upon by the Hon'ble High Court of Bombay in the case of CIT vs. Somany Evergreen Knits Ltd. (2013) 352 ITR 592 (Bom.)...
Read MoreDCIT Vs Prabhudas Liladhar P. Ltd. (ITAT Mumbai) - Prabhudas Liladhar P. Ltd. Case: Once The Whole Basis Of Addition Itself As Made By The AO In Quantum Has Been Deleted By The Tribunal And Expenses Were Related To The Business Penalty Levied By The AO Under Section 271(1)(c) Deleted...
Read MoreNetambit Value First Services (P) Ltd. Vs DCIT (ITAT Delhi) - Merely because assessee-company had claimed deduction of expenditure without deducting TDS on interest payment, which was not accepted by Revenue, by itself, would not attract the levy of penalty....
Read MoreCircular 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...
Read MoreRatan Kumar Paul Vs DCIT (ITAT Kolkata) -
CIT Vs L & T Finance Ltd. (Bombay High Court) -
DCIT Vs Federal Brands Ltd. (ITAT Mumbai) -
DCIT Vs Prabhudas Liladhar P. Ltd. (ITAT Mumbai) -
Netambit Value First Services (P) Ltd. Vs DCIT (ITAT Delhi) -
Armoury International Vs ACIT (ITAT Mumbai) -
M/s OSE Infrastructure Ltd. Vs ACIT (ITAT Delhi) -
ITO Vs Shri Anilkumar G. Darji (ITAT Ahmedabad) -
Commissioner of Income Tax Vs Chettinad Cement Corporation Ltd. (High Court Madras) -
