Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights April 2021 Year 2021 This

Penalty u/s 271(1)(c) - failure on the part of legal heir of the ...

Income Tax

April 15, 2021

Penalty u/s 271(1)(c) - failure on the part of legal heir of the deceased assessee to explain the source of part of the deposits - The mere failure on the part of the assessee/legal representative to explain the deposits in the bank accounts would not ipso facto lead to the conclusion that the assessee has either furnished inaccurate particulars of income or concealed the particulars of income. The explanation during the assessment proceedings by the legal representative of the deceased assessee is bona-fide as provided in Explanation 1(B) to section 271(1)(c) - AT

View Source

 


 

You may also like:

  1. 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...

  2. Assessment proceedings against one of the legal heirs - deceased/assessee had admittedly more than one legal representatives - Despite the legal heir's explicit...

  3. Penalty u/s 271(1)(c) levied on the legal representative/heirs - unless the penalty proceedings are concluded against a living assessee, the legal heirs cannot be held...

  4. Assessment in the name of the deceased assessee - liability of legal heir - After the death of the assessee, his legal heir was not brought on the record and no notice...

  5. Disallowance of payment made to the legal heirs of the deceased partner - overriding charge - amount is deductible as expense - AT

  6. Diversion of income by way of overriding title - legal heirs of the deceased partner was paid a sum as per the partnership deed - Diversion of income at source can take...

  7. Failure on the part of the assessee to file the returns voluntarily, as statutorily prescribed, would be a culpable act or omission attracting penalty under Section 271(1)(c).

  8. Recovery of arrears of sales tax and penalty from the Legal Heirs of deceased - - The impugned order contains a fatal flaw insofar as it is addressed to the petitioner...

  9. Penalty u/s 271(1)(c) imposed on the legal heir - any sum referred in section 159(1) does not include the penalty proceedings on the legal representative under section...

  10. Penalty levied u/s 271(1)(b) - failure to comply with the notices issued by the A.O u/s 142(1) - the non-compliance on the part of the assessee is due to the reason of...

 

Quick Updates:Latest Updates