No penalty levied u/s. 271(1)(c) if assessee has made complete ...

No penalty u/s 271(1)(c) if full disclosure is made and claim is debatable without revenue loss.

March 2, 2019

Case Laws Income Tax AT

No penalty levied u/s. 271(1)(c) if assessee has made complete disclosure of details of claim in Accounts as well as return. Further if claim is a debatable and there was no loss to revenue, no penalty is leviable.

View Source

← Previous Next →

No penalty levied u/s. 271(1)(c) if assessee has made complete ...

No penalty u/s 271(1)(c) if full disclosure is made and claim is debatable without revenue loss.

March 2, 2019

Case Laws Income Tax AT

You may also like:

Penalty u/s 271(1)(c) - Making an incorrect claim in law cannot tantamount to furnishing inaccurate particulars under Section 271(1)(c) of the Act. Mere making of a...

Penalty proceedings u/s 271(1)(c) - Assessee company failed to provide bonafide explanation for inflated expenses claimed in revised return, contrary to audited...

Explanation versus bona finde explanation versus proper disclosure - Penalty under section 271(1)(c) - AT

The Assessing Officer (AO) consciously deleted irrelevant portions from the show cause notice, mentioning only the charge of furnishing inaccurate particulars of income....

This case deals with the penalty u/s 271(1)(c) of the Income Tax Act, imposed for disallowance of losses on forex derivatives treated as speculative losses and...

The Income Tax Appellate Tribunal (ITAT) held that no penalty u/s 271(1)(c) can be imposed for an ad-hoc disallowance of 20% of expenses made by the Assessing Officer....

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...

Penalty u/s 271(1)(c) for furnishing inaccurate particulars of income - adjustment made u/s 92CA - penalty levied u/s 271(1)(c) on the adjustment made u/s 92CA is not...

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...

Levy of Penalty u/s 271(1)(c) in case of voluntary surrender of income - disallowance of claim of loss - Assessee offered the loss voluntarily to avoid litigation and...

MAT is paid, additions were made to regular income, penalty not levied – 115JB, 271(1)(c)

Penalty u/s 271(1)(c) - A mere making of the claim, which is not sustainable in law, by itself, will not amount to furnishing inaccurate particulars regarding the income...

Penalty u/s 271(1) - addition of wrong claim u/s 80IB made by assessee in the return & surrendered during scrutiny proceedings - such claim is solely based on the report...

ITAT reversed penalty under s.271(1)(c) regarding transfer pricing adjustment on interest-free loans to associated enterprises. While TPO made upward adjustment at SBI...

Penalty u/s 271(1)(c) was imposed for excess deduction claimed u/s 10B. The assessee furnished all relevant facts for computing total income, and provided detailed...

Quick Updates: