Home Highlights June 2012 Year 2012 This

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1. 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...

2. Imposition of Penalty u/s 271(1)(c) - The explanation given by the assessee for the depreciation claim, is neither bona-fide, nor substantiated - penalty confirmed - HC

3. Penalty u/s 271(a)(c) - The explanation filed by the assessee about not disclosing interest income in the return of income was not bona fide - levy of penalty confirmed - AT

4. Penalty under section 271(1)(c) - disclosure of income during search operation - such undisclosed income would get immunised from the levy of penalty. - AT

5. Penalty u/s 271(1)(c) – In the garb of the bona fide claim an assessee cannot escape levy of penalty - Onus was not on the AO to prove the negative - AT

6. Penalty under section 271(1)(c) – assessee in bona fide belief that Dharmada collections were not part of its income but were diverted by an overriding title towards...

7. Penalty u/s. 271(1)(c) - false claim of business expenditure - it is not a case where the explanation given by assessee was bona fide and there was full disclosure of...

8. 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.

9. Validity of confirmation of penalty u/s 271(1)(c) – ssessee miserably failed to offer an explanation for the cash credit raised in the form of share application money -...

10. Penalty u/s 271(1)(c) - credit worthiness and genuineness of the transaction - Gifts by family friends – the explanation given by the assessee is totally false -...