Home Highlights June 2013 Year 2013 This

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1. Levy of penalty u/s 158BFA(2) - penalty has been levied on the amount of undisclosed income without providing any working of maximum and minimum penalty leviable - No penalty - AT

2. Offence u/s 276C(2) r/w 278B - Wilful attempt to evade tax, etc - Conduct of the petitioners itself would indicate that it was a case of delayed payment of tax or...

3. Imposition of penalty u/r 15(2) of CCR, 2004 - CENVAT Credit - No evidence of fraud, collusion, wilful misstatement, suppression of facts which are essential conditions...

4. Validity of the penalty u/s 271(1)(c) or 158BFA - AO has levied the penalty under section 271(1)(C) of the Act by observing that the assessee has concealed/furnished...

5. Levy of penalty u/s 54(1)(2) of the U.P. VAT Act, 2008 - men-rea - The Court concluded that mens rea is indeed an essential prerequisite for imposing a penalty under...

6. Revision u/s 263 - Even though the ld. CIT was rightfully entitled to take recourse to the Explanation 2, but thereafter he needed to bring the case with in any one or...

7. Penalty u/s 158BFA(2) - merely because the part of the addition has been confirmed by the Tribunal and the assessee has not filed appeal before the Hon’ble High Court...

8. Confirmation of penalty u/s 158BFA(2) of the Act – Furnishing of inaccurate particulars - U additons have been upheld on estimation basis , thus, no penalty is leviable - AT

9. Penalty order u/s 271AAA - disclosure of additions income pursuant to search u/s 132 - In the present case the assessee has disclosed the entire source of income and...

10. Penalty u/s 271(1)(c) - the money has been appropriated by ICICI Bank after collection and the assessee has claimed the deficiency in realization as Bad debts. The...

11. Additions u/s 2(22)(e) on account of deemed dividend - Accumulated profit - As per the provision of Explanation 2, all the profits of the company up to the date of...

12. Levy of penalty - taking CENVAT Credit irregularly - it is the contention of the Assessee that there is some element of discretion available in the adjudicating officer...

13. Penalty u/s 271C - Short deduction of tax at source (TDS) in respect of Brand fee paid - The argument of the assessee that short deduction does not cause loss to the...

14. Penalty u/s 271(1)(c) - addition of deemed dividend u/s 2(22)(e) - the explanation of the transaction being commercial in nature for purchase of property - the...

15. Penalty under section 158BFA(2) - Assessment proceedings and penalty proceedings are different and independent to each other. The addition or part of the addition could...