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Income Tax - Highlights / Catch Notes

Home Highlights February 2020 Year 2020 This

Levy of penalty u/s 271(1)(c) - forex loss was claimed as ...

Income Tax

February 19, 2020

Levy of penalty u/s 271(1)(c) - forex loss was claimed as revenue expenditure - inadvertent claim of expenditure would not, ipso facto, amount to concealment of income or furnishing of inaccurate particulars of income to levy penalty u/ 271(1)(c) - AT

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  7. Imposition of penalty u/s 271(1)(c) – the penalty imposed for disallowing claim of expenditure on foreign education and foreign travelling cannot be upheld - AT

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  9. 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

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