Home Highlights October 2012 Year 2012 This

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1. Penalty u/s 271G – Failure to maintain documents and accounts being audited - AO should have initiated penalty proceedings u/s 271AA/271BA – the penalty levied u/s 271G...

2. AO initiated the penalty u/s 271E for violation of sec. 269TT, but levied penalty u/s 271D for violation of the provisions of sec. 269SS. From this conduct of the AO, it...

3. Penalty levied u/s 271G - Assessee has failed to maintain the information as per Rule 10D (1) (d), (g), (h) and (m) of Income Tax Rules - ‘reaso-nable cause’ under...

4. Notice u/s 271AAB to levy penalty u/s 271(1)(c) - AO gets the jurisdiction to levy the penalty by issuing a notice and therefore, it is not a procedural requirement but...

5. Penalty levied u/s. 271G - nternational transactions - assessee ignoring the provisions of Section 92D of the Act as well as Rule 10D of the Income Tax Rules - Section...

6. Validity of Arbitral Award - determination of loss / award - Hudson’s formula like other formulae, which are only rough approximations of the cost impact of unabsorbed...

7. Penalty u/s 271AAB - Defects in the notice issued u/s 274 - CIT(A) reduced the penalty to 10% applying provisions of Section 271AAB(a) of the Act as against penalty...

8. Penalty u/s. 271G - assessee did not provide any basis for comparing the transactions and it failed to provide any alternative method to benchmark the transactions which...

9. Levy of penalty - Applicability of the substituted rule for imposition of penalty - The Supreme Court sided with the appellant, holding that the substituted rule from...

10. Levy of penalty u/s 11AC of Central Excise Act, 1944 - duty liability from January 2009 onwards was being discharged on lower values by applying appropriate rate of duty...

11. Penalty u/s 271AA - failure of the assessee to report the intentional transactions - As seen that the AO wrongly applied the amended Section 271AA which is effective...

12. Benefit of Amnesty Scheme - Penalty levied u/s 271D and 271E - When a specified sum is so provided as the penalty, such specified sum is the minimum penalty payable....

13. No doubt the discretion to levy the penalty or to drop the penalty proceedings is entirely the discretion of the appropriate authority who is authorized under the...

14. Late fee u/s 234E - Late filing of TDS return - the provision of Section 234E of the Act is charging provision i.e. substantive provision which could not be applied...

15. Penalty u/s 271(1)(c) - Penalty order did not specify the particular limb under which penalty u/s 271(1)(c) is levied. AO has not specified that penalty is either levied...