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Income Tax - Highlights / Catch Notes

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Penalty u/s 271(1)(c) - even the assessee withdrew the claim u/s ...

Income Tax

June 21, 2014

Penalty u/s 271(1)(c) - even the assessee withdrew the claim u/s 54F in respect of two flats out of three, the mere withdrawal of the claim would not turn the bonafide claim of the assessee into the category of wholly untenable and unsustainable claim having no basis - AT

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  3. Penalty u/s 271(l)(c) - The assessee has immediately on receipt of the notice u/s 142(1) has revised the computation of income restricting the deduction claimed u/s 54F...

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  7. Exemption / deduction u/d 54F - assessee has purchased two separate flats under two separate agreements - Merely because the assessee has let out the two flats to one...

  8. Penalty u/s 271(1)(c) - recording of satisfaction - mere direction in the assessment order to initiate penalty proceedings - Concealment/furnishing inaccurate...

  9. Unexplained cash deposit - In many cases, small amounts were withdrawn two or three times on a single day by different persons. Further, the deposits in Bank were made...

  10. Penalty u/s 271(1)(c) - Making an incorrect claim in law cannot tantamount to furnishing inaccurate particulars under Section 271(1)(c) of the Act. Mere making of a...

 

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