Penalty u/s 271(1)(c) - reduction of deduction under the said ...

No penalty u/s 271(1)(c) for revised return correcting allocation errors; indicates good faith by taxpayer.

July 1, 2019

Case Laws Income Tax AT

Penalty u/s 271(1)(c) - reduction of deduction under the said Chapter VI via revised return correctly allocating of generation expenses - allocation between the eligible and ineligible undertakings cannot be directly attributable to the efforts of the AO as no SCN was issued on incorrect allocation - no penalty as filing revised return and payment of additional taxes demonstrate the good faith of the assessee

View Source

← Previous Next →

Penalty u/s 271(1)(c) - reduction of deduction under the said ...

No penalty u/s 271(1)(c) for revised return correcting allocation errors; indicates good faith by taxpayer.

July 1, 2019

Case Laws Income Tax AT

You may also like:

Penalty proceedings u/s 271(1)(c) - Assessee company failed to provide bonafide explanation for inflated expenses claimed in revised return, contrary to audited...

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...

Penalty u/s. 271(1)(c) - If AO accepted the revised return, there was no question of making inadmissible claim of deduction u/s 10B in such revised return. In fact,...

Penalty levied u/s.271(1)(c) - revised return filed - assessee has adopted the recourse of avoiding litigation, therefore, revised the return to buy peace of mind - no...

Penalty being 300% by invoking Section 271(1)(c) - return was revised before completion of assessment - Revenue is not justified in imposing penalty under Section 271(1)(c) - HC

Rental income determination - assessee jointly owns 50% house property in Singapore with wife - offered 100% rental income for AY 2014-15 erroneously, rectified in...

Penalty u/s 271(1)(C) - the revenue may be technically correct in not considering the later return of income as a revised return but it cannot be denied that additional...

Levy of Penalty u/s. 271(1)(c) - The ITAT ruled that since there was no variation between the returned and assessed income, there was no concealment of income by the...

Penalty u/s. 271(1)(c) - recording of specific finding or not? - In para 7 of the penalty order u/s. 271(1)(c), the Assessing Officer held that it is found to be a fit...

Penalty levied u/s 271(1)(c) - difference in original return of income and revised return - Had it been the intention of the assessee to make a full and true disclosure...

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...

Penalty 271(1)(c) - additions on account of donation and charity, and on account of loss on sale of assets, which were debited to the profit and loss account - The ITAT...

Penalty u/s 271(1)(c) - income voluntarily offered before commencement of assessment proceedings - the time limit for furnishing the revised return of income u/s 139(5)...

Claim of expenditure in the revised return - Once, the assessee has realized that the claim was wrongly not made, the assessee has every right to revise the return...

Non-filer assessee had taxable income but failed to file return u/s 139(1), later filed return in response to notice u/s 148 without considering section 50C provisions,...

Quick Updates: