#section 271(1)(c)
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1,640 articlesIncome Tax
Income Tax
No Penalty for mere reduction in deduction claimed
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Surrender of income to buy peace of mind is plausible explanation to avoid penalty for concealment
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Mere filing of return u/s. sec. 153A not sufficient to escape penalty for concealment
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Penalty justified for claim of depreciation on asset not used in business
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Evan after addition if there is a loss penalty could be imposed
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Penalty justified on income Surrendered during survey without explanation
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S. 271(1)(c) No cannot be imposed if despite addition tax effect not changes
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Penalty procedding must be kept in abeyance till disposal of quantum appeal by first appellate authority
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Penalty to be set aside if revenue accepts that Assessee is eligible for immunity u/s. 271(1)(c) although he is not eligible
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In the absence of finding by AO Regarding Mis-statement / Non Disclosure, penalty order not justified
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No penalty if assessee raised a bona fide claim of ‘provision for bad debts’
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Penalty justified if Assessee manipulates its accounts so as to reduce its profits
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Paying Tax on concealed income not enough to avoid penalty
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