Penalty imposed u/s 271(1)(c) - Penalty cannot be levied on the ...

Income Tax

March 31, 2016

Penalty imposed u/s 271(1)(c) - Penalty cannot be levied on the basis, merely of an estimate of cost of construction of a building built by an assessee with his funds - AT

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Penalty imposed u/s 271(1)(c) - Penalty cannot be levied on the ...

Income Tax

March 31, 2016

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Penalty u/s 271(1)(c) - estimation of income - bogus purchases - penalty u/s 271(1)(c) of the Act cannot be levied where the addition is made on estimate basis - AT

Penalty u/s 271)1)(c) - penalty for furnishing inaccurate particulars of income can neither be imposed nor sustained on enhancement of net profit rate based on an estimate

Levy of penalty for abetment - penalty cannot be imposed merely on the basis of assumption and presumption and without any basis - HC

Penalty u/s 271(1)(c) - addition made on protected assessment - addition in this case was made on protected assessment/addition on estimated basis which is against the law - AT

Levy of penalty u/s 271(1)(c) - disallowance of bogus purchases by applying the profit rate - Once there is no reason to disbelieve the sales made by the assessee and...

Penalty levied u/s 271(1)(c) - disallowance of the deduction claimed by the assessee u/s 35 - AO has not brought out his case as to why penalty u/s.271(1)(c) of the Act...

Penalty u/s 271(1)(c) - estimation of income u/s 44AD - addition made on credit summation made by the assessee - revenue had not come out with clear case of suppression...

Penalty being 300% by invoking Section 271(1)(c) - return was revised before completion of assessment - Revenue is not justified in imposing penalty under Section 271(1)(c) - HC

Penalty u/s 271(1)(c) - bogus claim of deduction under Section 35CCA - penalty under Section 271(1)(c) was rightly imposed - HC

Levy of penalty u/s.271(1)(c) - estimation of disallowance at 50% of commission and improvement expenditure - in this case, the additions were made on the basis of...

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