Penalty u/s 271(1)(c) - It is well settled principles of law ...

Section 271(1)(c) Penalties Not Applicable When Income is Estimated; No Inference of Concealment or Inaccuracy Possible.

August 23, 2013

Case Laws Income Tax AT

Penalty u/s 271(1)(c) - It is well settled principles of law that when profit is estimated there cannot be any inference that the assessee has concealed the income or furnished inaccurate particulars of income so as to attract the provisions of section 271(1)(c) of the Act - AT

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Penalty u/s 271(1)(c) - It is well settled principles of law ...

Section 271(1)(c) Penalties Not Applicable When Income is Estimated; No Inference of Concealment or Inaccuracy Possible.

August 23, 2013

Case Laws Income Tax AT

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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...

ITAT ruled that penalty under section 271(1)(c) cannot be sustained where income assessment was based on estimated net profit rate of 24.50% versus assessee's declared...

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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...

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...

Penalty u/s 271 AAB or u/s 271 (1)(c) - concealment on income - as per clause (2) of section 271AAB, no penalty under the provisions of clause (c) of sub-section (1) of...

Voluntary surrender of income by assessee cannot be considered concealment. AO failed to prove concealment, merely concluded voluntary surrender as concealment....

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Penalty proceedings u/s 271(1)(c) involved an addition based on estimation by the Assessing Officer, which was later re-estimated by the CIT(A) to disallow 10% of the...

Penalty levied u/s 271 (1) (c) - As the appellants had disclosed the income, after detection by the department and as per the terms of settlement, the assessing officer...

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