Penalty u/s 271(1)(c) - the money has been appropriated by ICICI ...

Taxpayer Penalized for Concealing Income u/s 271(1)(c); Explanations Found Not Bona Fide by Authorities.

March 10, 2016

Case Laws Income Tax AT

Penalty u/s 271(1)(c) - the money has been appropriated by ICICI Bank after collection and the assessee has claimed the deficiency in realization as Bad debts. The income of 2% was not considered in profit and loss account by assessee. - The explanations given by the assessee cannot be considered as bonafide and assessee tried to conceal the income by misrepresenting the case - penalty confirmed - AT

View Source

← Previous Next →

Penalty u/s 271(1)(c) - the money has been appropriated by ICICI ...

Taxpayer Penalized for Concealing Income u/s 271(1)(c); Explanations Found Not Bona Fide by Authorities.

March 10, 2016

Case Laws Income Tax AT

You may also like:

Penalty u/s 271(1)(c) was imposed despite the assessee withdrawing the exemption claim u/s 10(38) for Long Term Capital Gain (LTCG) on sale of penny stocks and offering...

Penalty u/s 271(1)(c) - failure on the part of legal heir of the deceased assessee to explain the source of part of the deposits - The mere failure on the part of the...

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

The ITAT ruled that penalties under sections 271(1)(c) and 270A against the taxpayer were improper and directed their deletion. The tribunal held that merely making an...

The ITAT held that penalty u/s 271(1)(c) was not imposable on the assessee. The assessee had voluntarily paid tax on income from sale of shares three years prior to...

Non-filer assessee had taxable income but failed to file return u/s 139(1), later filed return in response to notice u/s 148 without considering section 50C provisions,...

Penalty u/s. 271(1)(c) - The Revenue argued that the assessee's actions constituted furnishing inaccurate particulars of income or concealing income. However, the High...

The Appellate Tribunal considered a case involving the disallowance of electricity expenses leading to a penalty u/s 271(1)(c). The Tribunal noted the essential role of...

Penalty u/s 271(1)(c) was imposed for excess deduction claimed u/s 10B. The assessee furnished all relevant facts for computing total income, and provided detailed...

Penalty u/s 271(1)(c) - The Revenue may or may not agree with this understanding of law of the assessee but the fact that there can be a bona fide view to that effect...

The assessee had conceded the compensation income to be included as income from other sources. However, upon judicial examination, the compensation was found to be...

Penalty u/s 271(1)(c) - proof of contravention of provisions provided under explanation 5A to section 271(1)(c) - On reference to the provisions of explanation 5A to...

Penalty u/s 271(1)(c) - while declining deduction u/s 80IA no defect was pointed out by the A.O. with regard to assessee’s eligibility save and except there was delay in...

Penalty u/s 271(1)(c) - disallowance of excessive depreciation - cost of acquisition of wind mill - whether or not assessee is entitled to the benefit under proviso to...

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...

Quick Updates: