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Income Tax - Highlights / Catch Notes

Home Highlights June 2015 Year 2015 This

Penalty u/s 158BFA(2) - unexplained investment in house property ...

Income Tax

June 10, 2015

Penalty u/s 158BFA(2) - unexplained investment in house property and unexplained marriage expenditure - additions made on estimation basis and not on the basis of any concrete evidence found in the course of search - no penalty - AT

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  1. Addition on account of unexplained marriage expenses - The statement of the partner cannot be the sole criteria for making an addition - AT

  2. Addition made u/s 69C - Unexplained huge expenditure to earn Agriculture income - once the assessee has not made any investment, the addition made u/s 69C of the Act is illegal.

  3. Unexplained expenditure u/s 69C - expenditure of stamp duty paid for registration of property sold - additions confirmed - HC

  4. Levy of penalty u/s 158BFA(2) - penalty has been levied on the amount of undisclosed income without providing any working of maximum and minimum penalty leviable - No penalty - AT

  5. Unexplained investment - No addition can be made on the basis of the report of the DVO without the books of account being rejected, wherein expenditure relating to the...

  6. Confirmation of penalty u/s 158BFA(2) of the Act – Furnishing of inaccurate particulars - U additons have been upheld on estimation basis , thus, no penalty is leviable - AT

  7. Penalty u/s 158BFA(2) - willful attempt - assessee has given the explanation in respect of source of jewellery - no case of imposition of penalty - AT

  8. Unexplained expenditure u/s 69C - expenses incurred on marriage of daughter of assessee - Assessee has cash which was withdrawn on various dates from his bank account...

  9. Penalty under Section 158BFA (2) is not mandatory. - HC

  10. Block assessment - Penalty u/s 158BFA - whether mandatory or discretionary - HC

 

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