Home Highlights November 2013 Year 2013 This

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

2. Penalty u/s 271)1)(c) - penalty for furnishing inaccurate particulars of income can neither be imposed nor sustained on enhancement of net profit rate based on an estimate

3. Penalty levied u/s 271(1)(c) - disallowance of the deduction claimed by the assessee u/s 35 - AO has not brought out his case as to why penalty u/s.271(1)(c) of the Act...

4. 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...

5. 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...

6. Penalty u/s 271(1)(c) - property dealer - addition on account of cash retained - The facts of the case may justify the addition in the quantum case, but the parameters...

7. Penalty u/s. 271(1)(c) - A.O had clearly failed to discharge his statutory obligation of fairly putting the assessee to notice as regards the defaults for which he was...

8. Penalty u/s 271(1)(c) - Non specification of charge - defective notice - as the A.O had clearly failed to discharge his statutory obligation of fairly putting the...

9. 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

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

11. 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...

12. 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...

13. Levy of penalty u/s 271(1)(c) - assessee has surrendered and agreed for the additions at the assessment stage merely to buy peace of mind and to avoid further litigation...

14. Penalty u/s 271(1)(c) - recording of satisfaction - penalty initiated u/s 143(3) order for concealment of particulars of income - penalty imposed for furnishing of...

15. 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...