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Income Tax - Highlights / Catch Notes

Home Highlights April 2019 Year 2019 This

Penalty u/s 271(l)(c) - investment in property - assessee ...

Income Tax

April 12, 2019

Penalty u/s 271(l)(c) - investment in property - assessee accepted total addition in his hand - non disputing addition in merit is fatal in penalty proceedings irrespective of the fact that there is evidence of investment by other persons

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  1. Levy of penalty u/s 271(l)(c) - additional income disclosed due to search and survey at the premises - wherein the returned income has been accepted, penalty cannot be imposed - AT

  2. Penalty u/s 271(1)(c) - assessee has accepted the additions made in the assessment does not by itself justify the imposition of penalty for concealment - AT

  3. Penalty u/s 271(l)(c) - it is a case where the hypothesis of there being a concealment of income and there not being concealment of income are equal - no penalty - AT

  4. 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...

  5. Penalty levied u/s. 271(l)(c) - additions towards donation paid and STT paid - assessee failed to add back in the statement of total income, while filing return of...

  6. Penalty u/s 271(1)(c) - AO had come to the conclusion that for want of suppling sufficient material by the assessee, the claim of commission cannot be accepted - No penalty - HC

  7. Penalty levied u/s.271(1)(c) - excess expenses disallowed and suppression of receipts - being bonafide mistake in accounting the total contract receipts, no penalty.

  8. Penalty under section 271(1)(c) - There is no concrete positive evidence against the assessee exhibiting unexplained investment, except unregistered sale deed, which...

  9. Levy of penalty u/s 271(1)(c) on unrecorded receipts, expenditure and investments declared by the assessee pursuant to search confirmed - AT

  10. Merely because assessee had claimed expenditure which was not accepted or not acceptable to Revenue that by itself would not attract a penalty u/s 271(1)(c) - AT

 

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