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Income Tax - Highlights / Catch Notes

Home Highlights August 2016 Year 2016 This

Levy of Penalty u/s. 271(1)(c) - assessee had acted on the ...

Income Tax

August 10, 2016

Levy of Penalty u/s. 271(1)(c) - assessee had acted on the advice of a professional and his advice was found not as per the provisions of the Act - No penalty - AT

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  1. 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.

  2. Penalty u/s 271(1)(c) - The finding of the authorities based on the evidence of the valuer, which was corroborated by the circumstantial evidence - Levy of penalty confirmed - HC

  3. 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

  4. Imposition of penalty u/s 271(1)(c) – mere admission of appeal by the High Court is sufficient to debar the penalty levied u/s.271(1)(c) of the Act - AT

  5. Penalty u/s. 271(1)(c) - recording of specific finding or not? - In para 7 of the penalty order u/s. 271(1)(c), the Assessing Officer held that it is found to be a fit...

  6. Penalty u/s 271(1)(b)- assessee refused to answer the notice u/s 142(1) - assessee was an attorney of some account holder - levy of penalty confimred - HC

  7. Penalty u/s 271(1)(c) of the Income Tax Act – short term capital gains was not disclosed in the return of income - levy of penalty confirmed - AT

  8. Whether levy of penalty u/S 271(1)(c) of the Income Tax Act is automatic – Imposition of penalty is not automatic. - HC

  9. 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

  10. Penalty u/s 271(1) (c) - Defective notice - non specification of charge - ITAT rightly set-aside the order of the penalty levied on the Assessee.

 

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