Penalty u/s 271(1)(c) - taxability of income from sale of land - ...

Income Tax

June 22, 2016

Penalty u/s 271(1)(c) - taxability of income from sale of land - AO has accepted the amount offered by the assessee as his income and levied penalty without making any enquires and investigation to disprove that the explanation given by the assessee is either false or bona fide - No penalty - AT

View Source

← Previous Next →

Penalty u/s 271(1)(c) - taxability of income from sale of land - ...

Income Tax

June 22, 2016

You may also like:

Penalty u/s.271(1)(b) - no compliance to notice u/s 142(1) - The AO levied the penalty for non-compliance of notice dated 13.06.2016, however, there is no reference of...

Penalty u/s 271(1)(c) – assessee has bonafide belief in making the claim that gain arising out of sale of agricultural land is exempt from tax - no penalty - AT

Penalty u/s 271(1)(c) - AO had come to the conclusion that for want of suppling sufficient material by the assessee, the claim of commission cannot be accepted - No penalty - HC

Penalty u/s 271(1)(c) - profits from sale and purchase of agricultural land shown as capital gain instead of profits and gains from business - No penalty - AT

Penalty levied u/s 271(1)(C) - deemed income being loss claimed and disallowed - The AO has also not specified the charge on which penalty is being levied - No penalty - AT

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.

Penalty u/s 271(1)(c) – In the garb of the bona fide claim an assessee cannot escape levy of penalty - Onus was not on the AO to prove the negative - 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.

Penalty u/s 271(1)(c) of the Act – assessee’s claim that no penalty is leviable when unproved income is offered for taxation to purchase peace is not at all sustainable - AT

Penalty u/s 271(1)(c) - Gain on sale of land - Bona-fine belief that the land under consideration was an agricultural land only - No mala-fide intention could be...

Quick Updates: