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Income Tax - Highlights / Catch Notes

Home Highlights December 2015 Year 2015 This

Penalty levied u/s 271(1)(c) - Considering one of the methods ...

Income Tax

December 30, 2015

Penalty levied u/s 271(1)(c) - Considering one of the methods of accounting for determining the profits of the project adopted by the CIT (A) is not free from the debate or dispute. It is also a settled issue that when debate is an integral part of any addition, the concealment penalties will not survive. - AT

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  5. Imposition of penalty u/s 271(1)(c) – mere admission of appeal by the High Court is sufficient to debar the penalty levied u/s.271(1)(c) of the Act - AT

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  7. Levy of penalty levied u/s 271(1)(c) - disallowance under section 40(a)(ia), does not amount to concealment of income - No penalty.

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  9. Notice u/s 271AAB to levy penalty u/s 271(1)(c) - AO gets the jurisdiction to levy the penalty by issuing a notice and therefore, it is not a procedural requirement but...

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