#section 271(1)(c)
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1,640 articlesIncome Tax
Income Tax
Penalty applicable in case of failure to disclose fully or truly all particulars of income
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Penalty attracted If claim made by assessee besides being incorrect in law and malafide
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Making wrong claim is not concealment or furnishing of inaccurate information
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Ingredient about a bona fide claim is that assessee should be able to show or prove some intermediate steps in whole process of transaction
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Mere making a claim which is incorrect in law not amounts to giving inaccurate particulars
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Concealment penalty cannot be imposed merely on ground that Tribunal disallowed the expenditure
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Income Tax
Mere non acceptance of Assessees Legal Claim will not amount to furnishing of inaccurate particulars of income
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Penalty on alleged gifts received by minor sons of assessee which are finally transferred to assessee
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Penalty U/S 271(1)(c) Not Leviable Without Statutory Provision: Delhi HC
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No Penalty for bonafide difference of opinion in selection of transfer pricing method
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Penalty will not ordinarily be imposed unless the party obliged either acted deliberately in defiance of law or was guilty of conduct contumacious or dishonest, or acted in conscious disregard of its obligation
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Penalty under section 271(1)(c) leviable, even if no tax is payable by an assessee
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Penalty imposable under main provisions of section 271(1)(c) and there is no need to refer to any Explanations
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Income Tax
