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Income Tax - Highlights / Catch Notes

Home Highlights May 2016 Year 2016 This

It is true that assessee has been unable to give any explanation ...

Income Tax

May 17, 2016

It is true that assessee has been unable to give any explanation that why earmarked slow moving items do not have any scrap value but this cannot be a basis for which penalty u/s 271(1)(c) can be imposed - AT

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  1. Diminution in value of inventory - in the case of slow moving items which did not have a ready market, it was permissible for the assessee to adopt a lower value - AT

  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. 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...

  4. 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 -...

  5. 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

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

  8. Penalty u/s 271(1)(c) - Merely because assessee claimed depreciation at 25% treating items to be plant, which claim was not acceptable to revenue, would not by itself...

  9. 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

  10. Penalty u/s 271(1)(c) - for such lump-sum disallowance out of wages on the basis of presumption, no penalty u/s 271(1)(c) is leviable - AT

 

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