Home Highlights February 2013 Year 2013 This

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1. Penalty u/s 271(1)(c) of the Income Tax Act – short term capital gains was not disclosed in the return of income - levy of penalty confirmed - AT

2. 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...

3. Penalty u/s 271(1)(c) - difference of income in the return filed u/s.139(1) and 153A - there was no such allegation that of assessee was found to be the owner of any...

4. Penalty u/s 271(1)(c) - disclosure of income during survey - had it been the intention of the appellant to disclose the income voluntarily then the assessee would have...

5. Penalty u/s 271(1)(c) - additional income was declared in survey u/s 133A - date of filing of return u/s 139(1) had not expired - The fact of “concealment of income” and...

6. Penalty u/s. 271(1)(c) - income disclosed by the assessee u/s 153A - The mere fact that the assessee has filed revised returns disclosing higher income than in the...

7. Penalty u/s 271(1)(c) - Explanation is bonafide is, we find, supported by the fact that during assessment proceedings the assessee, realizing his mistake even before...

8. 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...

9. Penalty u/s 271(1)(c) - survey u/s 133A was carried out much prior of date of filing of return u/s 139(1) - amount admitted in survey has offered in return - When the...

10. Penalty u/s 271(a)(c) - The explanation filed by the assessee about not disclosing interest income in the return of income was not bona fide - levy of penalty confirmed - AT

11. Penalty u/s 271(1)(c) - surrender was not voluntary - assessee failed to explain the difference between the assessed income and returned income - penalty confirmed - AT

12. Levy of penalty u/s 271(1)(c) - Capital gain on sale of property - Allegation of the AO that, return of income has not been filed voluntarily - There was a reasonable...

13. Penalty levied u/s 271(1)(c) - difference in original return of income and revised return - Had it been the intention of the assessee to make a full and true disclosure...

14. Penalty u/s 271(1)(C) - Unexplained Expenditure on Stamp Duty and Registration Charges made out of Undisclosed Income - There was no dishonest intent of the assessee...

15. Penalty levied u/s. 271(1)(c) - Income disclosed by the assessee in the Return of Income which is not part of Regular Accounts - CIT(A) directed the AO that levy penalty...