Home Highlights November 2010 Year 2010 This

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1. Penalty u/s 271(1(c) - With the omission of the expression ‘deliberately’, mens rea is no longer a prerequisite for imposition of penalty - penalty under Section...

2. Penalty imposed u/s 271(1) - Power of reduce or waive penalty u/s 273A - concealment of income - Tribunal was wrong in cancelling the penalty imposed on the assessee...

3. 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...

4. Penalty u/s 271(1)(c) - recording of satisfaction - penalty initiated u/s 143(3) order for concealment of particulars of income - penalty imposed for furnishing of...

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...

6. Penalty for concealment of income Under Section 271(1) (c) - Article

7. Penalty u/s 271(1)(b) - Default by assessee - mens rea is not an essential element for imposing penalty for non compliance of notices issued by AO - penalty confirmed - AT

8. Penalty u/s 271(1)(c) - Penalty under section 271(1)(c) of the Act is leviable to be imposed only where the assessee has concealed its particulars of income or furnished...

9. Penalty being 300% by invoking Section 271(1)(c) - return was revised before completion of assessment - Revenue is not justified in imposing penalty under Section 271(1)(c) - HC

10. Penalty u/s 271(1)(c) - bogus claim of deduction under Section 35CCA - penalty under Section 271(1)(c) was rightly imposed - HC

11. 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...

12. Penalty u/s 271(1)(c) - tax was paid on the income assessed u/s 115JB - the concealment did not lead to tax evasion at all penalty u/s 271(1)(c) could not be imposed in...

13. Penalty u/s 271(1)(c) - LTCG on purchase of plot - A.O. has not clearly mentioned the limb, on the basis of which, penalty was proposed to be imposed. - concealment of...

14. 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...

15. Levy of penalty u/s 271(1)(c) - Defective notice u/s 274 - Emphasizing the principles outlined by the Karnataka High Court, the Tribunal reaffirmed the importance of...