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Income Tax - Highlights / Catch Notes

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Penalty u/s 271(1)(c) - Computation of book profit not done u/s ...

Income Tax

August 12, 2013

Penalty u/s 271(1)(c) - Computation of book profit not done u/s 115JB - There was definitely a failure on the part of the assessee to furnish particulars necessary for its assessment. Rigours of Section 271(1)(c) was attracted - AT

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  2. MAT computation - assessee’s interest income and profit on sale of Mutual Funds would not form part of the computation of ‘book profits’ u/s 115JB - AT

  3. MAT is paid, additions were made to regular income, penalty not levied – 115JB, 271(1)(c)

  4. Failure on the part of the assessee to file the returns voluntarily, as statutorily prescribed, would be a culpable act or omission attracting penalty under Section 271(1)(c).

  5. MAT computation - exclusion of income of SEZ unit while computing Book Profit u/s 115JB - book profit computed under section 115JB will not include income of SEZ Unit - AT

  6. Penalty u/s 271(1)(c) - MAT u/s 115JB was greater than the regular income, book profit was taken as deemed total income u/s 115JB of the Act - penalty u/s 271(1)(c) of...

  7. Levying MAT u/s 115JB - 100% reduction of the profit u/s. 80IB(10) - while computing the book profit u/s. 115JB appellant had reduced it from book profit and claimed...

  8. Penalty u/s 271(1) (c) - additions/ disallowances made under normal provisions of the Act, if ultimately the tax liability is determined u/s 115JB - No penalty

  9. Penalty u/s 271(1)(c) - the fact that assessee has furnished inaccurate particulars for the purpose of determining the tax u/s 115JB stands established - penalty confirmed - HC

  10. SC dismissed the SLP against the order of HC - The issue involved was penalty on account of adjustments to book profit by AO u/s 115JB - Minimum Alternate Tax (MAT)

 

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