Income Tax - In the case of the assessee at present no finding was recorded in the assessment order that there was concealment of income.The assessee has not furnished inaccurate particulars of its income.True income of the assesseee was declared in the return filed by the assessee after issue of the notice u/ s 148 of the act . And the case of the as...
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 - 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 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....
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 MoreTecnotree Convergence Ltd. [now Tecnotree Convergence Private Limited] Vs DCIT (ITAT Bangalore) - Penalty under section 271(1)(c) was not leviable as mere making of a claim which was not sustainable in law, by itself, would not amount to furnishing inaccurate particulars regarding the income of assessee....
Read MoreR.S. Tradelink Pvt. Ltd. Vs ACIT (ITAT Surat) - Penalty under section 271(1)(c) was not leviable as AO was not certain that for which limb he wanted to initiate penalty proceedings, that is, for concealment of income or for furnishing inaccurate particulars of income. AO initiated penalty proceedings on one footing and concluded on other footin...
Read MoreDCIT Vs Scooters India Ltd. (ITAT Lucknow) - It is a settled position of law that if notice under section 274 read with 271(1)(c) is not specific about the charge or limb under which penalty is being levied under section 271(1)(c) of the Act, then any penalty levied on the basis of such notice is bad in law and liable to be deleted....
Read MoreITO Vs Shri Udaykumar D. Bhatt (ITAT Ahmedabad) - ITO Vs Shri Udaykumar D. Bhatt (ITAT Ahmedabad) Section 271(1)(c) cast responsibility upon the AO to reach the clear finding with respect to levy of penalty under the specific charge and if the AO fails to do so then the penalty cannot be levied as such penalty order shall not be maintainable in the...
Read MorePCIT Vs Sonu Realtors Private Limited (Bombay High Court) - PCIT Vs Sonu Realtors Private Limited (Bombay High Court) Wrong deduction claimed which resulted in reduction of Tax liability can’t amount to concealment of income Pr. Commissioner of Income Tax (Appellant) filed the appeal being aggrieved against Order dated July 20, 2016 passed by Income Tax ...
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 MoreTecnotree Convergence Ltd. [now Tecnotree Convergence Private Limited] Vs DCIT (ITAT Bangalore) -
R.S. Tradelink Pvt. Ltd. Vs ACIT (ITAT Surat) -
DCIT Vs Scooters India Ltd. (ITAT Lucknow) -
ITO Vs Shri Udaykumar D. Bhatt (ITAT Ahmedabad) -
PCIT Vs Sonu Realtors Private Limited (Bombay High Court) -
Action Construction Equipment Ltd. Vs DCIT (ITAT Delhi) -
DCIT Vs Preity Zinta (ITAT Mumbai) -
Addl. CIT Vs Airports Authority of India (ITAT Delhi) -
HCL Technologies Ltd. Vs DCIT (ITAT Delhi) -