Home Highlights October 2013 Year 2013 This

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1. Penalty imposed u/s 271(1) - Power of reduce or waive penalty u/s 273A - concealment of income - Tribunal was wrong in cancelling the penalty imposed on the assessee...

2. Amendment of section 273A. - power to reduce or waive penalty, etc., in certain cases. - It is proposed to make a reference of section 270A in clause (ii) and in the...

3. Levy of penalty u/s 271(1)(c) - Defective notice u/s 274 - Emphasizing the principles outlined by the Karnataka High Court, the Tribunal reaffirmed the importance of...

4. 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...

5. Penalty being 300% by invoking Section 271(1)(c) - return was revised before completion of assessment - Revenue is not justified in imposing penalty under Section 271(1)(c) - HC

6. Penalty u/s 271(1)(c) - bogus claim of deduction under Section 35CCA - penalty under Section 271(1)(c) was rightly imposed - HC

7. To impose penalty u/s 271(1)(c), willful concealment is not an essential ingredient - HC

8. Penalty Order u/s. 271(1)(b) r.w.s. 274 - assessee has never been put to the notice to explain as to why penalty should not be imposed under section 271(1)(b) - penalty...

9. Penalty under section 271(1)(c) and under section 271AAA - once the penalty is initiated under section 271AAA in the assessment order, there cannot be any occasion to...

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) - Application for reduction of penalty u/s 273A - long term capital gain was not declared in the regular return of income by these assessees and...

12. 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...

13. Levy penalty u/s 271(1)(c) - since no specific satisfaction has been recorded by the Ld. Assessing Officer either in the body of the assessment order or in the show...

14. Penalty u/s 271(1)(c) - Penalty under section 271(1)(c) of the Act is leviable to be imposed only where the assessee has concealed its particulars of income or furnished...

15. Initiation of penalty proceeding u/s 271(1)(c) - ndisclosed income as referred under sub-Section 1 of Section 271AAA - Impugned penalty proceeding has been initiated and...