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Income Tax - Highlights / Catch Notes

Home Highlights May 2015 Year 2015 This

Penalty levied u/s 271(1)(c) - merely on the basis of additions, ...

Income Tax

May 22, 2015

Penalty levied u/s 271(1)(c) - merely on the basis of additions, AO would not ipso facto lead to the conclusion that the assessee has concealed the particulars of income or furnished inaccurate particulars of income when there is no such allegation by the AO that the assessee has not furnished all relevant particulars and details in respect of this claim - AT

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  7. Penalty under section 271(1)(c) - AO has not unearthed any new fact from his independent sources which could lead to furnishing of inaccurate particulars by the assessee...

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  9. Levy of penalty u/s 271(1)(c) - forex loss was claimed as revenue expenditure - inadvertent claim of expenditure would not, ipso facto, amount to concealment of income...

  10. Penalty levied u/s 271(1)(c) - disallowance of the deduction claimed by the assessee u/s 35 - AO has not brought out his case as to why penalty u/s.271(1)(c) of the Act...

 

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