Home Highlights September 2012 Year 2012 This

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1. Imposition of penalty u/s 271(1)(b) - non-compliance of the notice issued under Section 142(1) - if the assessee really had no connection with the Swiss Bank accounts,...

2. Penalty levied u/s.271(1)(c) - concealment of income - the conclusion of the AO that amount was not finding mention in the regular books of accounts is over-sweeping...

3. Validity of reopening of assessment - Reasons were recorded by the Assessing Officer in an arbitrary manner and there is no application of mind by the AO. For example,...

4. Penalty u/s 271(1)(c) - bonafide belief - interest income earned during the year on fixed deposits and savings bank accounts were not offered to tax - Assessee contended...

5. Levy of penalty u/s 271(1)(c) - ITAT deleted the penalty - Additions u/s 41(1) - one time settlement with the SBI - Bank has waived a sum including interest - assessee...

6. Penalty u/s.271(1)(c) or penalty u/s.271AAA - The provisions of Section 271AAA(3) of the Act specifically excludes the provisions of Section 271(1)(c) of the Act for the...

7. 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...

8. Misuse of the power - Jurisdiction of GST officer for attaching and withdrawing amount from bank account of the assessee - The concerned officer who instructed the bank...

9. Penalty proceedings u/s 271(1)(c) - Failure of the assessee to explain the source of cash deposit in the bank account - burden of proof - The ITAT acknowledged the...

10. Disallowance of interest on account of excess payment to the partners on the capital account - the approach of the AO in calculating the interest by considering only the...

11. Penalty u/s.271E - violation of provision of section 269T - the assessee has not explained the reason why the said amount has been deposited in the bank account of Shri...

12. Penalty u/s.271(1)(b) - no compliance to notice u/s 142(1) - The AO levied the penalty for non-compliance of notice dated 13.06.2016, however, there is no reference of...

13. Addition u/s 68 - unexplained deposits in Dubai bank account - CIT(A) has observed that taxability of sum in Dubai Bank account is beyond the jurisdiction of Indian tax...

14. The Reserve Bank of India (RBI) issued Circular, addressing Scheduled Commercial Banks, Primary (Urban) Cooperative Banks, State Cooperative Banks, and Exim Bank...

15. Penalty u/s 271-D and 271-E - accepting loan in cash from the director of the company - The tribunal held that, the assessee`s case under consideration the transactions...