Home Highlights August 2014 Year 2014 This

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1. Levy of penalty u/s 271(1)(c) - Capital gain on sale of property - Allegation of the AO that, return of income has not been filed voluntarily - There was a reasonable...

2. Penalty u/s 271(1)(b) - Default by assessee - mens rea is not an essential element for imposing penalty for non compliance of notices issued by AO - penalty confirmed - AT

3. Levy of Penalty u/s. 271(1)(c) - The ITAT ruled that since there was no variation between the returned and assessed income, there was no concealment of income by the...

4. Penalty u/s 271(1)(c) - The considerations for imposition of penalty under Section 271(1)(c) of the Act are however entirely different. It requires existence of mens rea...

5. Penalty u/s 271(1)(c) - proof of contravention of provisions provided under explanation 5A to section 271(1)(c) - On reference to the provisions of explanation 5A to...

6. Proceeding of Criminal Case u/s 276CC of the Income Tax Act - Proof of willful default in filing the return - As the applicant has filed the income tax return in time as...

7. Penalty u/s 271(1(c) - With the omission of the expression ‘deliberately’, mens rea is no longer a prerequisite for imposition of penalty - penalty under Section...

8. Levy of penalty - Reasonable cause - non filing of ITR - failure to comply with notice u/s 142(1) - it is seen that the explanation offered by the assessee have been...

9. Levy of penalty u/s 54(1)(2) of the U.P. VAT Act, 2008 - men-rea - The Court concluded that mens rea is indeed an essential prerequisite for imposing a penalty under...

10. Penalty u/s 271(1)(c) - survey u/s 133A was carried out much prior of date of filing of return u/s 139(1) - amount admitted in survey has offered in return - When the...

11. Penalty u/s 271(1)(c) - revised returns were not valid returns u/s 139(5) and that, such returns were not voluntarily filed rather the same were filed only after...

12. Levy of penalty u/s 271(1)(c) - weighted deduction u/s 35(1)(ii) claimed in the original return and later in the return filed in response to notice u/s 148 of the Act,...

13. Penalty u/s 271(1)(c) - additional income was declared in survey u/s 133A - date of filing of return u/s 139(1) had not expired - The fact of “concealment of income” and...

14. Penalty u/s. 271(1)(c) - If AO accepted the revised return, there was no question of making inadmissible claim of deduction u/s 10B in such revised return. In fact,...

15. Penalty levied u/s.271(1)(c) - revised return filed - assessee has adopted the recourse of avoiding litigation, therefore, revised the return to buy peace of mind - no...