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Income Tax - Highlights / Catch Notes

Home Highlights July 2013 Year 2013 This

Penalty u/s 271(1)(c) - it has become evident that the ...


Penalty Confirmed u/s 271(1)(c) of Income Tax Act for Bogus Transaction Identified as Not Genuine.

July 1, 2013

Case Laws     Income Tax     AT

Penalty u/s 271(1)(c) - it has become evident that the transaction is bogus and not genuine. - penalty confirmed. - AT

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  1. This case deals with the levy of penalties u/ss 271AAA and 271(1)(c) of the Income Tax Act in relation to various additions made to the assessee's income based on seized...

  2. Penalty u/s 271(1)(c) was levied on additional income voluntarily offered in the statement recorded u/s 132(4). However, no reference was made to corroborative...

  3. Penalty levied u/ss 271(1)(c) and 271AAA for unexplained investment and addition made by adopting net profit as per the books of accounts at 12.85% on the suppressed...

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  8. Imposition of penalty u/s 271(1)(c) of the Income Tax Act for two types of additions: (1) the addition made u/s 50C on the difference between stamp duty value and sale...

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  10. Penalty levied u/s 271(1)(C) - exemption u/s 80-IC - income in the garb of fictitious cash sales - Assessing Officer as well as the Appellate Authority, rightly gave...

  11. Non-filer assessee had taxable income but failed to file return u/s 139(1), later filed return in response to notice u/s 148 without considering section 50C provisions,...

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  13. Penalty u/s 271(1)(c) - Penalty order did not specify the particular limb under which penalty u/s 271(1)(c) is levied. AO has not specified that penalty is either levied...

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