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Income Tax - Highlights / Catch Notes

Home Highlights May 2015 Year 2015 This

Penalty u/s 271(1)(c) - furnished wrong particulars of its ...

Income Tax

May 16, 2015

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

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  1. SC dismissed the SLP against the order of HC - The issue involved was penalty on account of adjustments to book profit by AO u/s 115JB - Minimum Alternate Tax (MAT)

  2. Penalty u/s 271(1)(c) - the fact that assessee has furnished inaccurate particulars for the purpose of determining the tax u/s 115JB stands established - penalty confirmed - HC

  3. Minimum Alternate Tax (MAT) u/s 115JB - interpretation - reduction of exempted income u/s 80-IB from book profit u/s 115JB - not allowed - HC

  4. Minimum alternate tax (MAT) - profit from sale of agricultural land, which is not a “Capital Asset”, cannot be included for the purpose of computing book profit u/s 115JB - AT

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  9. Penalty u/s 271(1)(c) - recording of satisfaction - penalty initiated u/s 143(3) order for concealment of particulars of income - penalty imposed for furnishing of...

  10. Penalty under section 271(1)(c) - there is concealment of income from the HUF, i.e., knowingly the assessee furnished inaccurate particulars of income for computation...

 

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