Penalty u/s 271(1)(c) - credit worthiness and genuineness of the ...

Income Tax

August 25, 2014

Penalty u/s 271(1)(c) - credit worthiness and genuineness of the transaction - Gifts by family friends – the explanation given by the assessee is totally false - penalty confirmed - HC

View Source

← Previous Next →

Penalty u/s 271(1)(c) - credit worthiness and genuineness of the ...

Income Tax

August 25, 2014

You may also like:

Addition u/s 68 - Unexplained cash credit - It is well settled principle that the repayment of cash credit would not prove the genuineness of cash credit. It is the...

Penalty u/s 271(1)(c) - wrong claim of having received a cash gift from relative - assessee had failed to place on record any documentary evidence which would...

Unexplained unsecured loan - the necessary papers to establish genuineness of the transaction were filed and the assessee had proved beyond doubt the identity of the...

Addition u/s 68 - whether an assessee who has taken a loan is bound to produce the source of source? - Held No - The appellant having proved the identity and credit...

Addition u/s 68 – Amount claimed to be exempted as gift received from non-resident Indians - genuineness of the transaction is not established by the assessee - HC

Levy of penalty @ 100% of the tax sought to be evaded u/s 271(1)(c) – one family giving gift to another family year after year, it can be said to be against human...

Shares received by the appellant as gift - The chart reproduced in the Assessment Order clearly shows that it is not a gift but a family arrangement and these kind of...

Penalty u/s 271(1)(c) - price charged by the assessee in international transactions have not been computed in accordance with the provisions contained in section 92C -...

Penalty u/s 271(1)(c) - addition u/s 68 on gift received - AO had discarded and doubted the genuineness of gifts on ground of human probabilities and no authority has...

Levy of penalty u/s 271(1)(c) - gift was received under bona fide belief that the same was a genuine gift - it was taxed during assessment proceedings but the penalty...

Quick Updates: