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Income Tax - Highlights / Catch Notes

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Whether levy of penalty u/S 271(1)(c) of the Income Tax Act is ...

Income Tax

October 3, 2013

Whether levy of penalty u/S 271(1)(c) of the Income Tax Act is automatic – Imposition of penalty is not automatic. - HC

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  1. Imposition of penalty u/s 271(1)(c) – mere admission of appeal by the High Court is sufficient to debar the penalty levied u/s.271(1)(c) of the Act - AT

  2. Penalty u/s 271(1)(c) - When the addition was set aside, there was no question of imposition of penalty - HC

  3. Imposition of Penalty u/s 271(1)(c) - The explanation given by the assessee for the depreciation claim, is neither bona-fide, nor substantiated - penalty confirmed - HC

  4. Whether penalty under section 271(1)(c) of the Income-tax Act cannot be levied in a case where the assessed income is a loss – Held yes - HC

  5. Penalty u/s 271(1)(b)- assessee refused to answer the notice u/s 142(1) - assessee was an attorney of some account holder - levy of penalty confimred - HC

  6. Imposition of penalty u/s 271(1)(c) – the penalty imposed for disallowing claim of expenditure on foreign education and foreign travelling cannot be upheld - AT

  7. Penalty u/s 271(1)(c) - assessee has accepted the additions made in the assessment does not by itself justify the imposition of penalty for concealment - AT

  8. Penalty levied u/s. 271(1)(c) - Suo-moto declaration of undisclosed assets located outside India under section 59 of the Black Money (Undisclosed Foreign Income and...

  9. Penalty levied u/s 271(1)(C) - deemed income being loss claimed and disallowed - The AO has also not specified the charge on which penalty is being levied - No penalty - AT

  10. Penalty u/s 271(1)(c) - estimation of income - bogus purchases - penalty u/s 271(1)(c) of the Act cannot be levied where the addition is made on estimate basis - AT

 

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