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Income Tax - Highlights / Catch Notes

Home Highlights February 2014 Year 2014 This

Penalty u/s 271(1)(b) - Even if a minimum penalty is prescribed, ...

Income Tax

February 14, 2014

Penalty u/s 271(1)(b) - Even if a minimum penalty is prescribed, the authority competent to impose the penalty will be justified in refusing to impose penalty, when there is a technical or venial breach of the provisions of the Act - AT

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  2. Penalty u/s 271(1)(c) - furnished wrong particulars of its income in terms of profits u/s 115JB - Computation of Minimum Alternate Tax (MAT) - levy of penalty confirmed - AT

  3. Failure on the part of the assessee to file the returns voluntarily, as statutorily prescribed, would be a culpable act or omission attracting penalty under Section 271(1)(c).

  4. Penalty u/s 271(1)(c) - it is clear that the departmental authorities are not sure as to which limb of the penalty provision is attracted - no penalty - AT

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  6. Penalty u/s 271(1)(c) - The finding of the authorities based on the evidence of the valuer, which was corroborated by the circumstantial evidence - Levy of penalty confirmed - HC

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  8. Levy of penalty u/s. 271(1)(c) - suppression of turnover - penalty imposed at the minimum amount of 100% of the tax sought to be evaded - The penalty imposed for both...

  9. Penalty u/s 271(1)(c) - estimation of income - bogus purchases - penalty u/s 271(1)(c) of the Act cannot be levied where the addition is made on estimate basis - AT

  10. Penalty u/s 271(1)(c) - for such lump-sum disallowance out of wages on the basis of presumption, no penalty u/s 271(1)(c) is leviable - AT

 

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