Home Highlights December 2017 Year 2017 This

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1. Penalty levied u/s 271AAB - Undisclosed income - Assessee has neither made any surrender of any undisclosed income during the search action nor the penalty has been...

2. Penalty u/s 271AAB - Defects in the notice issued u/s 274 - CIT(A) reduced the penalty to 10% applying provisions of Section 271AAB(a) of the Act as against penalty...

3. Penalty u/s 271AAB - Validity of notice issued u/s 274 - Except mentioning the section 271AAB of the Act in the notice, it does not talk anything about the provisions of...

4. Penalty u/s 270A and 271AAB - Defective notice u/s 274 - under reporting of income - search and seizure operation - The Tribunal found that the penalty notices under...

5. Penalty u/s 271AAB or 271AAA - non issue of notice u/s 274 read with Section 271AAB - corrigendum issued stating that Section 271AAA should be read as Section 271AAB -...

6. Penalty u/s.271AAB - Belated filing of regular return after search - Penalty cannot be levied u/s.271AAB of the Act, in respect of income disclosed in regular return of...

7. Penalty u/s. 271AAB - commodity profit as falling in the ken of the 'undisclosed income' - since the amount on which penalty is levied has been found at the time of...

8. Notice u/s 271AAB to levy penalty u/s 271(1)(c) - AO gets the jurisdiction to levy the penalty by issuing a notice and therefore, it is not a procedural requirement but...

9. Penalty u/s. 271AAB - no search has been initiated u/s 132 but was conduced on different assessee - nowhere in the Assessment Orders, it has been mentioned that search...

10. Penalty u/s 271 - Defective notice - the allegation should be specific and clear in the penalty notice also because the assessee has to submit reply in the course of...

11. Penalty u/s 271AAB - defective notice - both the show cause notices issued by the AO for initiation of penalty proceedings u/s 271AAB are very vague and silent about the...

12. Penalty u/s.271(1)(b) - no compliance to notice u/s 142(1) - The AO levied the penalty for non-compliance of notice dated 13.06.2016, however, there is no reference of...

13. Penalty u/s 271AAB - there is no finding in the penalty order to this effect that undisclosed income so found and surrendered during the course of search falls under the...

14. Penalty levied u/s 271AAB - conversion of survey action into search - detection of undisclosed income u/s 133A or u/s 132 - The objection of ld. CIT-DR for the revenue...

15. Penalty imposed u/s 271AAB - Defective notice - The Tribunal, has verbatim reproduced the penalty notice and we find that the notice is absolutely vague and none of the...