Penalty u/s 271(1)(c) - disallowance u/s 40(a)(ia) - The only ...

Income Tax

August 27, 2020

Penalty u/s 271(1)(c) - disallowance u/s 40(a)(ia) - The only reason for which the expenditure was disallowed is due to non–deduction of tax at source. In other words, it is statutory disallowance. That being the case, the assessee cannot be accused of submitting inaccurate particulars of income or concealing its income - No penalty - AT

View Source

← Previous Next →

Penalty u/s 271(1)(c) - disallowance u/s 40(a)(ia) - The only ...

Income Tax

August 27, 2020

You may also like:

Levy of penalty levied u/s 271(1)(c) - disallowance under section 40(a)(ia), does not amount to concealment of income - No penalty.

Disallowance of expenditure u/s 40(a)(ia) – Whether disallowance of expenditure u/s 40(a)(ia) is ‘eligible profit’ from housing project u/s.80IB(10) - Held Yes - AT

Disallowance u/s 40(a)(ia) - TDS - Non deposition / submission of Form 15H / 15G is not a ground to disallow expense u/s 40(a)(ia) - AT

TDS u/s 194C - Deduction u/s 40(a)(ia) - the expenditure incurred under the head ‘freight charges’ are not liable for disallowance u/s 40(a)(ia)

Amended provisions of sec. 40(a)(ia) w.e.f. 1.4.2010 with retrospective effect - No disallowance if the TDS is paid on or before the due date specified in sec. 139(1)

Penalty levied u/s 271(1)(c) - disallowance u/s 40 (a)(ia) only for lack of payment of TDS while the payment was bonafide - Though the failure on the part of the...

Penalty u/s 271(1)(c) - Since the assessee had furnished full particulars about the expenditure incurred including non–deduction of TDS in the tax audit report itself,...

Disallowance u/s 40(a)(ia) - default u/s 201(1) - scope of amendment - second proviso to Section 40(a)(ia) of I.T. Act is curative in nature and has retrospectively.

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

Penalty u/s 271(1)(c) - disallowances in the quantum assessment order - whether any concealment or furnishing of inaccurate particulars proved? - Tribunal directs...

Quick Updates: