Levy of penalty u/s 271(1)(c) - Even if some discrepancies were ...

Income Tax

December 12, 2020

Levy of penalty u/s 271(1)(c) - Even if some discrepancies were found during the survey resulting in surrender of income by the assessee, once the assessee has declared the said income in the return of income filed under section 139(1) of the Act, then the penalty cannot be levied on the surmises, conjectures and possibilities that the assessee would not have disclosed the income but for survey. - AT

View Source

← Previous Next →

Levy of penalty u/s 271(1)(c) - Even if some discrepancies were ...

Income Tax

December 12, 2020

You may also like:

Penalty u/s 271AAB/271(1)(c) - cash was seized u/s 132A - the discrepancies were found during the survey - Obviously, no penalty can be imposed unless the conditions...

Penalty u/s. 271(1)(c) - surrender of income in survey proceedings - From the conduct of the assessee, it is clear that the surrender was lacking voluntariness. In our...

Penalty u/s 271(1)(c) on addition made u/s 68 - the assessee has given sufficient explanation though not found satisfactory by AO - No merit in levying penalty.

Penalty u/s 271(1)(c) - it cannot be said that the surrender of income was voluntary - assessee had no intention to declare its true income - penalty confirmed - SC

Penalty u/s 271(1)(c) - surrender was not voluntary - assessee failed to explain the difference between the assessed income and returned income - penalty confirmed - AT

Penalty u/s 271(1)(c) - Explanation is bonafide is, we find, supported by the fact that during assessment proceedings the assessee, realizing his mistake even before...

Penalty u/s 271 (1) (c) - under reporting of student fee - In the case in hand the assessee, though explained the reasons for discrepancy in the fee recorded in the...

Levy of penalty u/s 271(l)(c) - additional income disclosed due to search and survey at the premises - wherein the returned income has been accepted, penalty cannot be imposed - AT

Levy of penalty - even voluntary surrender of income will not always necessarily rescue the assessee from the penalty provisions which are in the nature of remedy for...

Penalty levied u/s. 271(1)(c) - undisclosed income surrendered during the course of survey - Assessee cannot be held to have concealed or furnished the particulars of...

Quick Updates: