Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights This

Rectification of mistake - Penalty u/s 271(1)(c) - Since ...

Income Tax

Rectification of mistake - Penalty u/s 271(1)(c) - Since the concealment of income referred to in 271(1)(c) of the Act is in respect of tax sought to be evaded is defined in Explanation 4 w.r.t. the income and the potential tax effect, the issue is required to be debated by long drawn process to decide the issue and cannot be adjudicated u/s 154 of the Act.

View Source

 


 

You may also like:

  1. 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.

  2. Penalty u/s 271(1)(c) - Merely because, the assessee did not preferred any appeal against the said disallowance does not make it an inadvertent mistake - penalty confirmed - AT

  3. Penalty u/s 271 AAB or u/s 271 (1)(c) - concealment on income - as per clause (2) of section 271AAB, no penalty under the provisions of clause (c) of sub-section (1) of...

  4. Penalty u/s 271(1)(c) - there is no ‘tax sought to be evaded’, in terms of Explanation 4 to section 271(1)(c), on which penalty could be levied - even as the asessee has...

  5. Rectification of mistake u/s 254 - Penalty is levied in the instant case under Section 271(1)(i)(a) of the Act (as it then stood), while the explanation applies to the...

  6. Penalty u/s 271(1)(c) - in the present case the result of assessing the income either under the head ‘income from other sources’ or u/s.68 of the Act, the liability to...

  7. Determination of compounding fee u/s 279 - When the CBDT circular refers to the amount sought to be evaded, it must be seen and understood in light of the provisions...

  8. Rectification of mistake - levy of penalty u/s 271(1)(c) - when, the quantum appeal is pending before the lower authorities, disposing of penalty appeal on the same...

  9. Penalty u/s 271(1)(c) - Addition u/s 68 - Head changed from income under “PGBP” (as shown by the assessee) to addition U/s 68 - That there was some tax sought to be...

  10. Penalty u/s 271(1)(c) - non recording of satisfaction - When satisfaction for initiation of penalty proceedings u/s 271(1)(c) of IT Act is recorded by the AO in...

 

Quick Updates:Latest Updates