Penalty u/s 271(1)(c) - defraud by making false depreciation ...

Income Tax

March 19, 2019

Penalty u/s 271(1)(c) - defraud by making false depreciation claim - The burden of proving the guilty animus on the part of the assessee is on the Revenue, like on Prosecution in criminal cases and no such negative burden could be cast upon by the assessee himself.

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Penalty u/s 271(1)(c) - defraud by making false depreciation ...

Income Tax

March 19, 2019

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Penalty u/s 271(1)(c) - when the Assessing Officer is not able to prove that the assessee was guilty of fraud or gross or willful negligence, penalty cannot be sustained - AT

Penalty u/s 271(1)(c) - Held that:- Wrongful claim of depreciation - The attempts made by the assessee are indicative of frivolous nature of claim - penalty confirmed - AT

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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 -...

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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

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