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Income Tax - Highlights / Catch Notes

Home Highlights June 2014 Year 2014 This

Penalty u/s 271(1)(c) - assessee’s action in claiming the ...

Income Tax

June 21, 2014

Penalty u/s 271(1)(c) - assessee’s action in claiming the interest cannot be said to be a ‘mistake’ - the claim that it is the booking of the interest in accounts that led to the wrong claim in the return, is not correct - AT

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  1. 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...

  2. Penalty u/s 271(1)(c) - Held that:- Wrongful claim of depreciation - The attempts made by the assessee are indicative of frivolous nature of claim - penalty confirmed - AT

  3. Penalty u/s 271(1)(c) - Merely because, the assessee did not preferred any appeal against the said disallowance does not make it an inadvertent mistake - penalty confirmed - AT

  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) - bogus claim of deduction under Section 35CCA - penalty under Section 271(1)(c) was rightly imposed - HC

  6. Penalty u/s.271(1)(c) - penalty cannot be levied where a bonafide claim of the assessee was rejected by the tax department. - AT

  7. 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...

  8. Penalty u/s 271(1)(c) – assessee has bonafide belief in making the claim that gain arising out of sale of agricultural land is exempt from tax - no penalty - AT

  9. Penalty u/s 271(1)(c) – In the garb of the bona fide claim an assessee cannot escape levy of penalty - Onus was not on the AO to prove the negative - AT

  10. Penalty u/s 271(1)(c) of the Act – assessee’s claim that no penalty is leviable when unproved income is offered for taxation to purchase peace is not at all sustainable - AT

 

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