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Income Tax - Highlights / Catch Notes

Home Highlights May 2016 Year 2016 This

In the absence of a categorical finding by the Department that ...

Income Tax

May 20, 2016

In the absence of a categorical finding by the Department that the surrendered amount was in the nature of income, the penalty u/s 271(1)(c) cannot be levied. - AT

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  3. 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.

  4. 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

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  9. Penalty u/s 271(1)(c) of the Act - difference of opinion with regard to the nature of expenditure would not amount to furnishing of inaccurate particulars of income - AT

  10. Deduction u/s 37(1) - Nature of payment - Whether shaman shulk paid to Excise Department is penal in nature - The amount cannot be treated to be penalty, which can be...

 

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