Home Highlights October 2012 Year 2012 This

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1. Levy of Penalty u/s 271(1)(c) in case of voluntary surrender of income - disallowance of claim of loss - Assessee offered the loss voluntarily to avoid litigation and...

2. Penalty u/s 271(1)(c) - voluntary surrender on account of long term capital gain on sale of shares during assessment proceedings - the surrender made by the assessee is...

3. Penalty levied u/s 271(1)(b) - assessee had failed to provide full submissions - penalty levied by the Assessing Officer u/s 271(1)(b) of the IT Act deserves to be...

4. Penalty u/s 271(1)(c) - it cannot be said that the surrender of income was voluntary - assessee had no intention to declare its true income - penalty confirmed - SC

5. 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...

6. 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...

7. 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...

8. Penalty u/s 271(1)(c) - a case of furnishing of inaccurate particulars of income has not been made out against the assessee. - Though, similar disallowances were made by...

9. 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...

10. 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...

11. Penalty u/s 271(1)(c) - CIT(A) has given direction to the Assessing Officer to levy penalty equivalent to 100% tax under section 271(1)(c) of the Act. Mere estimate of...

12. Penalty u/s 271(1)(c) - disallowance of excessive depreciation - cost of acquisition of wind mill - whether or not assessee is entitled to the benefit under proviso to...

13. Penalty u/s 271(1)(c) - surrendered undisclosed income during the search and seizure - assessee contented that income disclosed in the return U/s 139(1) though claimed...

14. Penalty u/s 271(1)(c) - voluntary surrender of income - There is no reference to any investigation or adverse material - The assessee’s offer is to be held as voluntary...

15. Penalty levied u/s 271(1)(b) and / or 272A(1)(d) - assessee failed to comply notice under Section 142(1) - The assessment order was passed u/s 143(3) and not under...