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Income Tax - Highlights / Catch Notes

Home Highlights June 2019 Year 2019 This

Penalty u/s 271(1)(c) - tax u/s 115JB - assessee’s claim was ...

Income Tax

June 6, 2019

Penalty u/s 271(1)(c) - tax u/s 115JB - assessee’s claim was that it was falling u/s 115JA and duly supported by the certificate of the auditors - If the claim was wrong the responsibility was that of the auditor who duly certified the same - assessee cannot be visited with penalty for the mistake of its consultant/auditor - no penalty

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

  3. Penalty u/s 271(1) (c) - additions/ disallowances made under normal provisions of the Act, if ultimately the tax liability is determined u/s 115JB - No penalty

  4. Penalty u/s 271(1)(c) - furnished wrong particulars of its income in terms of profits u/s 115JB - Computation of Minimum Alternate Tax (MAT) - levy of penalty confirmed - AT

  5. Penalty u/s. 271(1)(c) - Auditors report obtained by the assessee cannot override Income Tax provisions and just because the assessee's claim is supported by a chartered...

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  7. MAT - Interest u/s 234B and 234C shall be payable on failure to pay advance tax in respect of tax payable under Section 115JA/115JB.

  8. MAT - Interest under Sections 234B and 234C shall be payable on failure to pay advance tax in respect of tax payable under Section 115JA/115JB.

  9. Penalty u/s.271(1)(c) - penalty cannot be levied where a bonafide claim of the assessee was rejected by the tax department. - AT

  10. 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

 

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