Penalty u/s 271(1(c) - accommodation entry - when the assessee ...

Income Tax

March 3, 2016

Penalty u/s 271(1(c) - accommodation entry - when the assessee has admitted this amount as income then no further investigation was required on the part of the AO to prove that this amount was received on account of accommodation entries received by the assessee. - levy of penalty confirmed - AT

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Penalty u/s 271(1(c) - accommodation entry - when the assessee ...

Income Tax

March 3, 2016

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Penalty u/s 271(1)(c) - it was admitted by the Department that the information came from the assessee without any suggestion or detection from the Department - no penalty - AT

Penalty u/s 271(1)(c) - mere entries in the books not enough, if not disclosed in the return of income - penalty confirmed. - AT

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

Penalty u/s 271(1)(c) - A mere rejection of the claim of the assessee by relying on different interpretations does not amount to concealment of the particulars of income - AT

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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Levy of penalty u/s 271(1)(c) - large income admitted in the returns filed u/s. 153A - Had it been there is no search, the assessee would not have disclosed the income...

Penalty u/s 271(1)(b)- assessee refused to answer the notice u/s 142(1) - assessee was an attorney of some account holder - levy of penalty confimred - HC

Penalty u/s. 271(1)(c) - scope of Section 275(1A) - once substantial question of law against quantum additions are admitted by Hon’ble HC u/s 260A, the tribunal shall...

Penalty U/s 271(1)(c) - penalty proceedings are distinguished and separate and assessee can raise fresh plea in the penalty proceedings, which has been done in this case - AT

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