Penalty u/s. 271(l)(c) - The words may direct that such person ...

Income Tax

May 3, 2021

Penalty u/s. 271(l)(c) - The words may direct that such person shall pay by way of penalty in section 271 leave a certain amount of discretion in imposition of penalty which need not be imposed when there is a minor breach of the law and when having regard do the facts ends of justice require that the assessee should not be penalized. So also where the circumstances of a case establish that the mistake is accidental and inadvertent and there is no material at all to justify any want of bona fide or any gross neglect, imposition of penalty is not justified - AT

View Source

← Previous Next →

Penalty u/s. 271(l)(c) - The words may direct that such person ...

Income Tax

May 3, 2021

You may also like:

Scope of the term "May" - Use of the word ‘may’ over the years is normally construed as permissive and not imperative. The words ‘may’ or ‘shall’ by their very...

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

Penalty u/s 271(l)(c) - it is a case where the hypothesis of there being a concealment of income and there not being concealment of income are equal - no penalty - AT

Validity of reopening of assessment - Enquiry to be conducted before issuance of a notice by the AO u/s 148A(a) - The High court found that conducting an inquiry before...

Amendment of section 271AA. - penalty for failure to keep and maintain information and document, etc., in respect of certain transactions - if any person being...

Issue of consolidated tax invoice in case of banking company, NBFC etc. - For the words “supplier shall issue”, the words “supplier may issue” substituted

Dishonor of Cheque - grant of interim compensation - It is the discretion conferred, as the word used is “may”. - it is not that 20% has to be the interim compensation...

Penalty u/s 271(1)(c) deleted – the act of the assessee was bonafide even though the assessee may have failed to substantiate its claim that the amount was capital receipt - HC

Excess amount paid by the deductor towards deducted at source (TDS) shall be refunded subject to certain safeguards

Levy of penalty u/s. 221(1) - Reading of Sec. 221 shows that the Explanation wherein as “may” not “shall” which is subjective of the fact that imposition of penalty is...

Quick Updates: