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Income Tax - Highlights / Catch Notes

Home Highlights December 2015 Year 2015 This

Penalty u/s 271(1)(c) - addition u/s 68 - merely because the ...

Income Tax

December 31, 2015

Penalty u/s 271(1)(c) - addition u/s 68 - merely because the assessee had surrendered the amounts it did not follow that the amount agreed to the added represented its concealed income - no penalty - AT

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  2. Penalty u/s 271(1)(c) on addition made u/s 68 - the assessee has given sufficient explanation though not found satisfactory by AO - No merit in levying penalty.

  3. Levy of penalty u/s 271(1)(c) - assessee has surrendered and agreed for the additions at the assessment stage merely to buy peace of mind and to avoid further litigation...

  4. Penalty u/s 271(1)(c) - Addition u/s 68 - Head changed from income under “PGBP” (as shown by the assessee) to addition U/s 68 - That there was some tax sought to be...

  5. Penalty u/s 271(1)(c)- additions u/s 68 - the contention of the assessee cannot be straightway rejected that such error may occur due to software problem - AT

  6. Penalty u/s 271(1)(c) - it cannot be said that the surrender of income was voluntary - assessee had no intention to declare its true income - penalty confirmed - SC

  7. Penalty u/s 271(1)(c) - surrender was not voluntary - assessee failed to explain the difference between the assessed income and returned income - penalty confirmed - AT

  8. Penalty u/s 271(1)(c) - addition of capital gain u/s 50C - the amount remain to be added [after deducting the initial exemption and consideration] is the only amount...

  9. Penalty u/s 271(1)(c) - addition on account of undisclosed business income - In the instant case the assessee himself agreed for surrender, so it was a good case to make...

  10. Penalty u/s 271(1)(c) deleted – the act of the assessee was bonafide even though the assessee may have failed to substantiate its claim that the amount was capital receipt - HC

 

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