Penalty u/s 271(1)(c) - failure on the part of legal heir of the ...

Income Tax

April 15, 2021

Penalty u/s 271(1)(c) - failure on the part of legal heir of the deceased assessee to explain the source of part of the deposits - The mere failure on the part of the assessee/legal representative to explain the deposits in the bank accounts would not ipso facto lead to the conclusion that the assessee has either furnished inaccurate particulars of income or concealed the particulars of income. The explanation during the assessment proceedings by the legal representative of the deceased assessee is bona-fide as provided in Explanation 1(B) to section 271(1)(c) - AT

View Source

← Previous Next →

Penalty u/s 271(1)(c) - failure on the part of legal heir of the ...

Income Tax

April 15, 2021

You may also like:

Penalty proceedings u/s 271(1)(c) - Failure of the assessee to explain the source of cash deposit in the bank account - burden of proof - The ITAT acknowledged the...

Penalty u/s 271(1)(c) - An order in the name of dead person - The Appellate Tribunal acknowledged that the penalty order was indeed issued in the name of a deceased...

Penalty levied u/s 271(1)(b) - failure to comply with the notices issued by the A.O u/s 142(1) - the non-compliance on the part of the assessee is due to the reason of...

Penalty u/s 271(1)(c) levied on the legal representative/heirs - unless the penalty proceedings are concluded against a living assessee, the legal heirs cannot be held...

Penalty u/s 271(1)(c) imposed on the legal heir - any sum referred in section 159(1) does not include the penalty proceedings on the legal representative under section...

Penalty U/s 271(1)(b) - As only source of income of the assessee is from salary from Government of Rajasthan on which TDS has all ready been deducted and apart from this...

Penalty levied u/s 271(1)(c) - disallowance u/s 40 (a)(ia) only for lack of payment of TDS while the payment was bonafide - Though the failure on the part of the...

Assessment proceedings against one of the legal heirs - deceased/assessee had admittedly more than one legal representatives - Despite the legal heir's explicit...

Penalty u/s 271(1)(b) - failure to comply with the notices issued - the reasons explained by the assessee are bonafide and reasonable. - penalty imposed u/s 271(1)(b)...

Assessment in the name of the deceased assessee - liability of legal heir - After the death of the assessee, his legal heir was not brought on the record and no notice...

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...

Penalty u/s 271(1)(b) - non compliance of notices u/s 142(1) - the AO was not having the present address of the assessee - when the notice issued u/s 142(1) was not...

Levy of penalty u/s 271(1)(c) - disallowance of bogus purchases by applying the profit rate - Once there is no reason to disbelieve the sales made by the assessee and...

Penalty proceedings for a default committed by a deceased - legal representatives - Levy of penalty u/s 271B for non-furnishing of Tax Audit Report within the prescribed...

Penalty u/s 271(1)(c) - accrual of income for assessee society - In assessee`s appeal assessing officer treated contribution towards welfare Fund and Hospital Fund as...

Quick Updates: