Home Highlights January 2014 Year 2014 This

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

2. 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

3. 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

4. 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

5. Interest under Section 158BFA(1) - No authority has power to reduce or waive the interest levied under Section 158BFA for the block assessment - HC

6. 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...

7. Reassessment u/s 147 without service of Notice u/s 143(2) - whether Notice under section 143(2) to be directory and not mandatory - held as mandatory - HC

8. Levy of penalty under section 158BFA(2) is discretionary and not mandatory - Undoubtedly, there was some material found during the course of search and additional income...

9. Quantum of mandatory deposit - whether an appellant has to pay 10% mandatory deposit over and above the mandatory deposit of 7.5% of the duty liability/penalties - Held...

10. Penalty u/s 11AC - where there is delay in payment simplicitor, levy of minimum penalty cannot be held to be mandatory. - HC