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Income Tax - Highlights / Catch Notes

Home Highlights June 2013 Year 2013 This

Penalty u/s 158BFA(2) - willful attempt - assessee has given the ...

Income Tax

June 7, 2013

Penalty u/s 158BFA(2) - willful attempt - assessee has given the explanation in respect of source of jewellery - no case of imposition of penalty - AT

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  1. Levy of penalty u/s 158BFA(2) - penalty has been levied on the amount of undisclosed income without providing any working of maximum and minimum penalty leviable - No penalty - AT

  2. Confirmation of penalty u/s 158BFA(2) of the Act – Furnishing of inaccurate particulars - U additons have been upheld on estimation basis , thus, no penalty is leviable - AT

  3. Penalty under Section 158BFA (2) is not mandatory. - HC

  4. Block assessment - Penalty u/s 158BFA - whether mandatory or discretionary - HC

  5. Offence u/s 276C(2) r/w 278B - Wilful attempt to evade tax, etc - Conduct of the petitioners itself would indicate that it was a case of delayed payment of tax or...

  6. Penalty u/s 271(1)(c) on addition made u/s 68 - the assessee has given sufficient explanation though not found satisfactory by AO - No merit in levying penalty.

  7. Penalty under section 271(1)(c) - disallowance of depreciation - he explanation given by the assessee for the claim of depreciation is neither bona fide nor...

  8. Penalty u/s 271(1)(c) - credit worthiness and genuineness of the transaction - Gifts by family friends – the explanation given by the assessee is totally false -...

  9. Imposition of Penalty u/s 271(1)(c) - The explanation given by the assessee for the depreciation claim, is neither bona-fide, nor substantiated - penalty confirmed - HC

  10. Validity of the penalty u/s 271(1)(c) or 158BFA - AO has levied the penalty under section 271(1)(C) of the Act by observing that the assessee has concealed/furnished...

 

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