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Income Tax - Highlights / Catch Notes

Home Highlights July 2015 Year 2015 This

Penalty levied u/s.271(1)(c) - The tax paid on such undisclosed ...

Income Tax

July 4, 2015

Penalty levied u/s.271(1)(c) - The tax paid on such undisclosed income has gone waste as no benefit out of such income has been availed by the assessee. - this is not a fit case for levy of penalty u/s.271(1)(c) - AT

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  2. Penalty levied u/s. 271(1)(c) - Suo-moto declaration of undisclosed assets located outside India under section 59 of the Black Money (Undisclosed Foreign Income and...

  3. Levy of penalty u/s. 271(1)(c) - benefit of telescoping granted by the Commissioner of Income Tax (Appeals) sustained - AT

  4. MAT is paid, additions were made to regular income, penalty not levied – 115JB, 271(1)(c)

  5. Penalty u/s 271(1)(c) - the fact that the assessee and his son have declared the undisclosed income in their individual return of income and have paid taxes but capital...

  6. Penalty u/s.271(1)(c) - penalty cannot be levied where a bonafide claim of the assessee was rejected by the tax department. - AT

  7. 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

  8. Penalty u/s 271(1)(c) of the Income Tax Act – short term capital gains was not disclosed in the return of income - levy of penalty confirmed - AT

  9. Whether levy of penalty u/S 271(1)(c) of the Income Tax Act is automatic – Imposition of penalty is not automatic. - HC

  10. Penalty u/s 271(1)(c) - estimation of income - bogus purchases - penalty u/s 271(1)(c) of the Act cannot be levied where the addition is made on estimate basis - AT

 

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