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Income Tax - Highlights / Catch Notes

Home Highlights February 2018 Year 2018 This

Penalty u/s 271(1)(c) - willful evasion of tax by claiming ...

Income Tax

February 7, 2018

Penalty u/s 271(1)(c) - willful evasion of tax by claiming deprecation on building - This is a bonafide mistake made by the assessee without any intention to evade tax. - no penalty - AT

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  1. 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

  2. Penalty levied u/s.271(1)(c) - excess expenses disallowed and suppression of receipts - being bonafide mistake in accounting the total contract receipts, no penalty.

  3. Penalty u/s.271(1)(c) - penalty cannot be levied where a bonafide claim of the assessee was rejected by the tax department. - AT

  4. Penalty for concealment of income u/s 271(1)(c) of the Income Tax Act - Claim of capital loss as bad debt - bonafide belief - no penalty - HC

  5. Penalty u/s 271(1)(c) deleted – the act of the assessee was bonafide even though the assessee may have failed to substantiate its claim that the amount was capital receipt - HC

  6. To impose penalty u/s 271(1)(c), willful concealment is not an essential ingredient - HC

  7. Penalty u/s 271(1)(c) - Merely because, the assessee did not preferred any appeal against the said disallowance does not make it an inadvertent mistake - penalty confirmed - AT

  8. Penalty u/s 271(1)(c) - when the Assessing Officer is not able to prove that the assessee was guilty of fraud or gross or willful negligence, penalty cannot be sustained - AT

  9. Penalty u/s 271(1)(c) - Explanation is bonafide is, we find, supported by the fact that during assessment proceedings the assessee, realizing his mistake even before...

  10. No Penalty u/s 271(1)(c) - claim is bonafide and is also debatable and there is no concealment of income.- AT

 

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