Penalty u/s 271(1)(c) - bonafide belief - restriction of claim ...

Taxpayer's Bona Fide Belief Validates 100% Deduction Claim u/s 80IC; No Penalty u/s 271(1)(c.

March 15, 2019

Case Laws Income Tax AT

Penalty u/s 271(1)(c) - bonafide belief - restriction of claim of deduction u/s 80IC to 25% from 100% claimed on account of substantial expansion - differing orders passed by the revenue authorities, appellate authorities, the High Court and Supreme Court on this issue lend credence to the fact that the belief of the assessee was a bonafide belief to claim the deduction - No penalty leviable.

View Source

← Previous Next →

Penalty u/s 271(1)(c) - bonafide belief - restriction of claim ...

Taxpayer's Bona Fide Belief Validates 100% Deduction Claim u/s 80IC; No Penalty u/s 271(1)(c.

March 15, 2019

Case Laws Income Tax AT

You may also like:

Penalty for non deduction of tax at source - bona fide belief proved - penalty set aside - AT

Penalty levied u/s 271(1)(c) - deduction of LTCG u/s 54F - The assessee acted in bona fide belief and made the claim is not acceptable due to any reason and was...

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...

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...

The ITAT ruled that penalties under sections 271(1)(c) and 270A against the taxpayer were improper and directed their deletion. The tribunal held that merely making an...

Penalty u/s. 271(1)(c) - deduction u/s. 80GGC denied - second round of appeal - the Tribunal ruled in favor of the assessee, holding that the claim for deduction was...

Penalty u/s. 271(1)(c) - The Revenue argued that the assessee's actions constituted furnishing inaccurate particulars of income or concealing income. However, the High...

Penalty u/s 271(l)(c) - The assessee has immediately on receipt of the notice u/s 142(1) has revised the computation of income restricting the deduction claimed u/s 54F...

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

No penalty u/s 271(1)(c) was imposed on the assessee for disallowance of depreciation. The ITAT held that the assessee did not deliberately claim depreciation with an...

Penalty u/s.271(1)(c) - claimed higher deduction u/s.36(1)(viia) based on opinion of the Central Statutory Auditors - latter on based on different view canvassed against...

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...

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

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

Penalty under section 271(1)(c) - bona fide or mala fide with an intention to evade taxes - not exigible to levy of penalty under section 271(1)(c) of the Act where the...

Quick Updates: