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Income Tax - Highlights / Catch Notes

Home Highlights March 2014 Year 2014 This

Levy of penalty u/s. 271(1)(c) of the Act - Profit earned from ...

Income Tax

March 6, 2014

Levy of penalty u/s. 271(1)(c) of the Act - Profit earned from undisclosed business - The interest of justice requires that minimum penalty at the rate of 100% may be levied - AT

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  1. Penalty under section 271(1)(c) - disclosure of income during search operation - such undisclosed income would get immunised from the levy of penalty. - AT

  2. Penalty u/s 271(1)(c) - profits from sale and purchase of agricultural land shown as capital gain instead of profits and gains from business - No penalty - AT

  3. Penalty u/s 271(1)(c) - furnished wrong particulars of its income in terms of profits u/s 115JB - Computation of Minimum Alternate Tax (MAT) - levy of penalty confirmed - AT

  4. 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...

  5. 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

  6. 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

  7. Penalty u/s 271 AAB or u/s 271 (1)(c) - concealment on income - as per clause (2) of section 271AAB, no penalty under the provisions of clause (c) of sub-section (1) of...

  8. 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

  9. Penalty u/s 271(1)(c) - income declared duty survey - voluntary delcaration or not - it is not a case wherein a disclosure was voluntarily made, indeed the assessee...

  10. Levy of penalty levied u/s 271(1)(c) - disallowance under section 40(a)(ia), does not amount to concealment of income - No penalty.

 

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