Home Highlights January 2014 Year 2014 This

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1. Penalty u/s 271(1)(c) - Making an incorrect claim in law cannot tantamount to furnishing inaccurate particulars under Section 271(1)(c) of the Act. Mere making of a...

2. Penalty under section 271(1)(c) - disallowance of depreciation - he explanation given by the assessee for the claim of depreciation is neither bona fide nor...

3. Penalty u/s 271(1)(c) - Merely because assessee claimed depreciation at 25% treating items to be plant, which claim was not acceptable to revenue, would not by itself...

4. Penalty u/s 271(1) - addition of wrong claim u/s 80IB made by assessee in the return & surrendered during scrutiny proceedings - such claim is solely based on the report...

5. Penalty u/s 271(1)(c) - A mere making of the claim, which is not sustainable in law, by itself, will not amount to furnishing inaccurate particulars regarding the income...

6. Penalty u/s 271(1)(c) - not entitled for the deduction U/s 54 - claim deduction allowed U/s 54F - once, the assessee has explained the reasons for making a wrong claim...

7. Penalty u/s 271(1)(c) - Whether 'mens rea' or deliberate attempt is not essential for levy of penalty - A mere making of the claim, which is not sustainable in law, by...

8. Levy of penalty under section 271(1)(c) - assessee in the return of income had claimed the depreciation on land perse and not on intangible assets. The said claim was...

9. Penalty levied u/s 271(1)(c) - disallowance of the deduction claimed by the assessee u/s 35 - AO has not brought out his case as to why penalty u/s.271(1)(c) of the Act...

10. Penalty u/s 271(1)(c) - a case of furnishing of inaccurate particulars of income has not been made out against the assessee. - Though, similar disallowances were made by...

11. 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

12. Penalty u/s 271(1)(c) - assessee has made a claim, which is one of the arguable claims, but assessee in its own wisdom, withdrawn that claim During the course of...

13. Penalty u/s 271(1)(c) - Excess depreciation claim - it is merely a case of difference arising out of the reworking of the carry forward depreciation by the AO by...

14. Penalty u/s 271(1)(c) - when we examine penalty levied on account of salary disallowance AO has merely made adhoc addition by way of guess work and the AO has not...

15. Levying the penalty u/s.271(1)(c) - Just for making wrong claims made advertently or inadvertently, therefore, penalty cannot be levied u/s.271(1)(c) of the Act and...