Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights February 2016 Year 2016 This

Penalty u/s 271(1)(c) - Assessee’s explanation and the claim has ...

Income Tax

February 27, 2016

Penalty u/s 271(1)(c) - Assessee’s explanation and the claim has not been rebutted by bringing any material on record except for rejecting the same on the basis of presumption and surmise that the loss has been shown purely to set off the recovery of bad debts. Thus, the penalty levied on such a disallowance cannot be upheld and same is directed to be deleted on merits. - AT

View Source

 


 

You may also like:

  1. Deletion of penalty u/s 271(1)(c) - Issues on basis of which ALP shown by the assessee has been rejected are debatable - No penalty - AT

  2. Penalty under section 271(1)(c) - disallowance of depreciation - he explanation given by the assessee for the claim of depreciation is neither bona fide nor...

  3. Imposition of Penalty u/s 271(1)(c) - The explanation given by the assessee for the depreciation claim, is neither bona-fide, nor substantiated - penalty confirmed - HC

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

  5. Explanation versus bona finde explanation versus proper disclosure - Penalty under section 271(1)(c) - AT

  6. Penalty u/s 271(1)(c) - AO had come to the conclusion that for want of suppling sufficient material by the assessee, the claim of commission cannot be accepted - No penalty - HC

  7. Penalty under section 271(1)(c) - There is no concrete positive evidence against the assessee exhibiting unexplained investment, except unregistered sale deed, which...

  8. Except mere allegation of suppression, the Department did not bring any material on record to prove that there was suppression and concealment of facts to evade payment...

  9. 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.

  10. Penalty u/s 271(1)(c) - credit worthiness and genuineness of the transaction - Gifts by family friends – the explanation given by the assessee is totally false -...

 

Quick Updates:Latest Updates