Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights June 2016 Year 2016 This

Excess claim u/s 80-IB made by the assessee was on the basis of ...


Taxpayer Not Penalized for Auditor's Error in Excess Claim u/s 80-IB; Section 271(1)(c) Penalty Not Applicable.

June 25, 2016

Case Laws     Income Tax     AT

Excess claim u/s 80-IB made by the assessee was on the basis of the bonafide mistake of the Auditor and the assessee cannot be held for furnishing inaccurate particulars of income - no penalty u/s 271(1)(c) - AT

View Source

 


 

You may also like:

  1. 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...

  2. Penalty u/s 271(1)(c) - tax u/s 115JB - assessee’s claim was that it was falling u/s 115JA and duly supported by the certificate of the auditors - If the claim was wrong...

  3. Penalty proceedings u/s 271(1)(c) - Assessee company failed to provide bonafide explanation for inflated expenses claimed in revised return, contrary to audited...

  4. Penalty u/s 271(1) - addition of wrong claim u/s 80IB made by assessee in the return & surrendered during scrutiny proceedings - such claim is solely based on the report...

  5. HC held that a registered assessee who committed a technical error in filing GST TRAN-1 cannot be denied transitional tax credit. The court emphasized that procedural...

  6. The Income Tax Appellate Tribunal (ITAT) held that every non-compliance with a notice u/s 142(1) gives a separate cause of action for levying penalty u/s 271(1)(b)....

  7. Imposition of penalty u/s 271(1)(c) of the Income Tax Act for two types of additions: (1) the addition made u/s 50C on the difference between stamp duty value and sale...

  8. 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...

  9. Levy of penalty u/s 272A(1)(d) - The bonafide or other wise malafide of non compliance is also required to be kept in mind. The tax and interest are statutory levies,...

  10. Levy of penalty - There are no reason why the said benefit cannot be extended to the penalty imposed under Section 76, since both the Sections are to be read along with...

  11. Penalty u/s 271(1)(c) - Making an incorrect claim in law cannot tantamount to furnishing inaccurate particulars under Section 271(1)(c) of the Act. Mere making of a...

  12. Penalty u/s 271(1)(c) was imposed for denying deduction u/s 80DD for a disabled person with over 80% disability. The assessee, a retired individual, had submitted...

  13. Delayed filings of return - Penalty u/s 76 - claim of relief for waiver of penalty u/s 80 - Since no acceptable cause or reason had been shown by the appellant for...

  14. Levy of penalties u/ss 122 and 129 of CGST/SGST Acts - expiry of e-way bill - mens rea in penalty imposition. Technically, violation of law by petitioner in transporting...

  15. The preliminary assessment u/s 143(1) is limited to processing the return for arithmetical errors, incorrect expense claims, verifying audit reports, deductions, and...

 

Quick Updates:Latest Updates