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Income Tax - Highlights / Catch Notes

Home Highlights June 2014 Year 2014 This

Deletion of penalty u/s 271(1)(c) of the Act – Payment as labour ...

Income Tax

June 5, 2014

Deletion of penalty u/s 271(1)(c) of the Act – Payment as labour charges made disallowed u/s 40A(2)(b) - estimation at 15% being made merely on estimation do not attract the penal provisions - AT

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  2. 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

  3. Penalty levied u/s 271(1)(C) - deemed income being loss claimed and disallowed - The AO has also not specified the charge on which penalty is being levied - No penalty - AT

  4. Deletion of penalty u/s 271(1)(c) - Issues on basis of which ALP shown by the assessee has been rejected are debatable - No penalty - AT

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  6. Estimation of Profit/Section 40A(2)(b) - JV entered - sub-contracting - AO had formed a view that the assessee JV had suppressed its profit by making excessive payment...

  7. Penalty u/s 271(1)(c) - Merely because, the assessee did not preferred any appeal against the said disallowance does not make it an inadvertent mistake - penalty confirmed - AT

  8. Labour charges paid to the female relatives of the directors disallowed u/s 40A(2)(b) - there was no finding the effect that the labour charges paid were in excess of...

  9. Penalty u/s 271(1)(c) - claim of depreciation @100% instead of 15% - Temporary Wooden structures like interiors, glow signs etc. being Furniture & Fixture - Levy of...

  10. Levy of penalty u/s. 271(1)(c) - The appellant contended that the addition made by the Assessing Officer was based solely on estimations, making it ineligible for...

 

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