Home Highlights January 2014 Year 2014 This

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1. 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

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

3. 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...

4. 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

5. 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

6. 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...

7. Penalty imposed under section 272A(2)(k) - delay in filing TDS statements - imposition of penalty under section 272A(2)(k) is not mandatory as the provisions of section...

8. Exemption u/s 11 - claiming benefit of accumulation u/s 11(2) over deemed income u/s 11(3) - non application of income - the assessee should not be eligible to claim...

9. 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

10. Penalty 271AAA(2) - disclosure of undisclosed income - money found during search u/s 132 - assessee has fulfilled the requirement of sub-section (2) of section 271AAA -...

11. Section 143(2) is a mandatory requirement, and failure to comply with it renders the reassessment proceedings invalid. The High Court has consistently held that Section...

12. Penalty levied u/s 274 read with Section 270A - assessee computed tax on disallowed depreciation amount at maximum marginal rate and levied 200% penalty on payable tax -...

13. Penalty under section 158BFA(2) - Assessment proceedings and penalty proceedings are different and independent to each other. The addition or part of the addition could...

14. Penalty u/s 158BFA(2) - merely because the part of the addition has been confirmed by the Tribunal and the assessee has not filed appeal before the Hon’ble High Court...

15. The proceedings for imposition of penalty u/s 158BFA(2) were initiated on the basis of earlier finding by the AO. However not only undisclosed income has been reduced...