#section 271(1)(c)
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No LTCG Claim, No Penny-Stock Benefit: ITAT Mumbai Deletes Addition & Allows Appeal

Penalty Sustained Because Tax Paid Without Return Doesn’t Disclose Income Details

Penalty based on Loose Sheets/Ledger Without supporting proof not Valid

AY 2015-16 Reassessment Time-Barred if notices issued Post-1 Apr 2021: Bombay HC

Penalty Deleted: Credits Were Already Declared as Interest Income

Penalty u/s 271(1)(c) Cannot Survive When Quantum Itself Is Remanded

CIT(A)’s Jewellery Reconciliation Upheld: Unexplained Investment u/s 69 Deleted

Loans Repaid – Section 68 Cannot Apply: ITAT Kolkata

Commission Rationalised to 0.40% on Sales/Purchases & 0.50% on Loans by ITAT Mumbai

Documented LTCG on Listed Shares Not ‘Undisclosed Income’ for 271AAB Penalty

Delay Condoned as Notices Sent to Wrong Email; Assessment & Penalty Matters Remanded

Penalty Deleted as Incorrect Carry-Forward Loss Claim was Bona Fide Error: ITAT Chandigarh

Reassessment Quashed – Section 151 Approval Held Mechanical; No Application of Mind by PCIT

ITAT Quashes Reassessment for Penny Stock Loss Lacking Direct Nexus
Explore the latest section 271(1)(c) updates on TaxGuru, including relevant Income-tax Act provisions, rules, notifications, circulars, judicial decisions and compliance guidance. The coverage highlights important tax positions, procedural requirements, assessments, deductions, penalties and litigation developments to help taxpayers and professionals understand the practical implications of changes in income-tax law.
