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Income Tax - Highlights / Catch Notes

Home Highlights October 2013 Year 2013 This

Whether penalty under section 271(1)(c) of the Income-tax Act ...

Income Tax

October 26, 2013

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

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  1. 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

  2. Levy of Penalty u/s 271(1)(c) in case of voluntary surrender of income - disallowance of claim of loss - Assessee offered the loss voluntarily to avoid litigation and...

  3. Penalty for concealment of income u/s 271(1)(c) of the Income Tax Act - Claim of capital loss as bad debt - bonafide belief - no penalty - HC

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

  5. Penalty u/s. 271(1)(c) - recording of specific finding or not? - In para 7 of the penalty order u/s. 271(1)(c), the Assessing Officer held that it is found to be a fit...

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  7. Penalty levied u/s 271(1)(b) - assessee had failed to provide full submissions - penalty levied by the Assessing Officer u/s 271(1)(b) of the IT Act deserves to be...

  8. Levy of Penalty u/s. 271(1)(c) - The ITAT ruled that since there was no variation between the returned and assessed income, there was no concealment of income by the...

  9. 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

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