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Income Tax - Highlights / Catch Notes

Home Highlights October 2016 Year 2016 This

Penalty under Section 271(1)(c) - assessee made surrender ...

Income Tax

October 14, 2016

Penalty under Section 271(1)(c) - assessee made surrender immediately after search and before issuance of any notice and had declared the surrendered income in the returns of income accepted by the Assessing Officer - No penalty - AT

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  1. 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

  2. Penalty u/s 271(1)(c) - surrender was not voluntary - assessee failed to explain the difference between the assessed income and returned income - penalty confirmed - AT

  3. Penalty u/s 271(1)(c) - surrendered of the income - The assessee has nowhere disputed the said surrender being made under coercive circumstances or under compulsion....

  4. Nature of surrendered income - Penalty u/s 271 - it is not a case of voluntary surrender where the assessee has came forward and made a surrender statement. It is a case...

  5. Protective addition made in the hands of the assessee - income surrendered by the assessee in the sworn statement - the surrender was not blanket surrender as presumed...

  6. Forex losses are business losses and related to pre search period - allowed to be set off u/s 70(1) with the income surrendered during search - AT

  7. Benefit of immunity from penalty u/s 271(1)(c) - assessee had made a statement during the search, explained the manner in which the surrendered amount was derived, and...

  8. Penalty u/s 271(1)(c) - voluntary surrender on account of long term capital gain on sale of shares during assessment proceedings - the surrender made by the assessee is...

  9. Penalty u/s 271(1)(c) - surrendered undisclosed income during the search and seizure - assessee contented that income disclosed in the return U/s 139(1) though claimed...

  10. Levy of penalty u/s 271(1)(c) on unrecorded receipts, expenditure and investments declared by the assessee pursuant to search confirmed - AT

 

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