Where there is no evidence of receipt of consideration over and ...

No Penalty u/s 271(1)(c) When Deemed Sale Consideration Used and No Extra Consideration Proven.

September 1, 2016

Case Laws Income Tax AT

Where there is no evidence of receipt of consideration over and above declared by the assessee and the assessment is either completed u/s 143(3) or even u/s 148 based on deemed sale consideration u/s 50C as per stamp duty authority invoking provisions of section 50C, the penalty u/s 271(1)(c) is not leviable. - AT

View Source

← Previous Next →

Where there is no evidence of receipt of consideration over and ...

No Penalty u/s 271(1)(c) When Deemed Sale Consideration Used and No Extra Consideration Proven.

September 1, 2016

Case Laws Income Tax AT

You may also like:

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...

Levy of penalty u/s 271(1) - where the actual sale consideration is replaced by the sale consideration determined as per DM circle rate under the deeming provisions of...

This case deals with the levy of penalties u/ss 271AAA and 271(1)(c) of the Income Tax Act in relation to various additions made to the assessee's income based on seized...

The assessee challenged the penalty imposed u/s 271(1)(c) for short credit of sale consideration received from the sale of copyrights and cable rights. The issue...

Voluntary surrender of income by assessee cannot be considered concealment. AO failed to prove concealment, merely concluded voluntary surrender as concealment....

The crux pertains to levying penalty u/s 271(1)(c) for alleged furnishing of inaccurate particulars or concealment of income regarding capital gains computation on sale...

Levy of penalty u/s 271(1)(c) - failure to take stamp duty value of property u/s 50C being land and building for sale - From a clear distinction between sale...

Penalty u/s 271(1)(c) - non disclosure of capital gain on sale of land in the income tax return - Sale consideration by applying the provisions of section 50C (i.e...

The ITAT held that penalty u/s 271(1)(c) was not imposable on the assessee. The assessee had voluntarily paid tax on income from sale of shares three years prior to...

Penalty levied u/s 271(1)(C) - exemption u/s 80-IC - income in the garb of fictitious cash sales - Assessing Officer as well as the Appellate Authority, rightly gave...

Penalty u/s 271(1)(c) - addition invoking provision of Section 50C - when in respect of sale of property, matter was referred to DVO to determine sale consideration at a...

Penalty levied u/s 271(1)(c) - addition u/s 2(22)(e) - deemed dividend - While levying the penalty, the deeming provisions can be applied to a limited extent and instant...

Penalty u/s 271(1)(c) - disallowance of excessive depreciation - cost of acquisition of wind mill - whether or not assessee is entitled to the benefit under proviso to...

Levy of penalty u/s 271(1)(c) - disallowance of bogus purchases by applying the profit rate - Once there is no reason to disbelieve the sales made by the assessee and...

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...

Quick Updates: