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Income Tax - Highlights / Catch Notes

Home Highlights November 2015 Year 2015 This

Levy of penalty u/s 158BFA(2) - when the assessee has ...

Income Tax

November 30, 2015

Levy of penalty u/s 158BFA(2) - when the assessee has voluntarily accepted the undisclosed income bona-fidely for the purpose of buying peace of mind and to avoid protracted litigation, there is no question of imposing penalty - AT

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  1. 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

  2. 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

  3. 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

  4. Validity of the penalty u/s 271(1)(c) or 158BFA - AO has levied the penalty under section 271(1)(C) of the Act by observing that the assessee has concealed/furnished...

  5. Interest under Section 158BFA(1) - No authority has power to reduce or waive the interest levied under Section 158BFA for the block assessment - HC

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

  7. Penalty u/s 158BFA(2) - , where complete evidence has been found against the assessee on the basis of which addition of undisclosed income has been made in the hands of...

  8. Levy of penalty under section 158BFA(2) is discretionary and not mandatory - Undoubtedly, there was some material found during the course of search and additional income...

  9. Penalty order u/s 271AAA - disclosure of additions income pursuant to search u/s 132 - In the present case the assessee has disclosed the entire source of income and...

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

 

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