Penalty u/s 271(1)(c) - bonafide belief - Taxability of capital ...

Penalty Deleted: No Capital Gains Tax on Land Sale Due to Good Faith Belief u/s 271(1)(c).

March 15, 2019

Case Laws Income Tax AT

Penalty u/s 271(1)(c) - bonafide belief - Taxability of capital gain arises on sale of land - in absence of any monetary consideration assessee was under a bonafide belief that no capital gain arises on sale of land, is acceptable and benefit of doubt can be given to the assessee - penalty deleted

View Source

← Previous Next →

Penalty u/s 271(1)(c) - bonafide belief - Taxability of capital ...

Penalty Deleted: No Capital Gains Tax on Land Sale Due to Good Faith Belief u/s 271(1)(c).

March 15, 2019

Case Laws Income Tax AT

You may also like:

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...

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

Penalty u/s 271(1)(c) - The assessee had short term capital gain on sale of land which was wrongly claimed as long term capital gain by substituting year of acquisition...

Penalty u/s 271(1)(c) - profits from sale and purchase of agricultural land shown as capital gain instead of profits and gains from business - No penalty - AT

The crux pertains to levying penalty u/s 271(1)(c) for alleged furnishing of inaccurate particulars or concealment of income regarding capital gains computation on sale...

Penalty u/s 271(1)(c) - Transfer Pricing adjustment made - applying the analysis of the term ‘good faith’ and ‘due diligence’ we are of the considered view that in the...

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...

The assessee had conceded the compensation income to be included as income from other sources. However, upon judicial examination, the compensation was found to be...

Levy of penalty u/s 271(1)(c) - Capital gain on sale of property - Allegation of the AO that, return of income has not been filed voluntarily - There was a reasonable...

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 levied u/s. 271(1)(c) - capital gain on transfer of agricultural land - As equally true that on the date of sale the said distance was less than 8 KMS. We are of...

The Income Tax Appellate Tribunal deleted the penalty levied u/s 271(1)(b) for non-compliance with a notice issued u/s 142(1) during reassessment proceedings....

Depreciation on glow sign boards and oxygen gas cylinders was rejected by the Assessing Officer, holding that the transaction on the last day of the accounting year...

Penalty u/s 271 (1)(c) - capital gain assessed as per the provisions of section 50C/2(14) - The direction of CIT(A) is clear that penalty cannot be imposed on the basis...

Quick Updates: