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Income Tax - Highlights / Catch Notes

Home Highlights March 2018 Year 2018 This

Penalty u/s.271(1)(c) - penalty cannot be levied where a ...

Income Tax

March 21, 2018

Penalty u/s.271(1)(c) - penalty cannot be levied where a bonafide claim of the assessee was rejected by the tax department. - 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. Levy of penalty u/s 271(1)(c) - The assessee clearly had a bonafide explanation for not adding the unpaid tax liabilities to its income since it was contesting the very...

  3. 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

  4. 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.

  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. Levy of penalty u/s 271(1)(c) - weighted deduction u/s 35(1)(ii) claimed in the original return and later in the return filed in response to notice u/s 148 of the Act,...

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

  8. 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...

  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 under section 271(1)(c) - disallowance of depreciation - he explanation given by the assessee for the claim of depreciation is neither bona fide nor...

 

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