Penalty u/s 271(1)(c) - assessee had sold a plot of land in ...

Income Tax

August 4, 2021

Penalty u/s 271(1)(c) - assessee had sold a plot of land in respect of which deduction u/s 54B claimed - withdrawal of deduction u/s 54B - merely because the assessee had claimed the deduction under section 54B which claim was not accepted or was not acceptable to the revenue, that by itself would not, in our opinion, attract the penalty under section 271(1)(c) of the Act. - AT

View Source

← Previous Next →

Penalty u/s 271(1)(c) - assessee had sold a plot of land in ...

Income Tax

August 4, 2021

You may also like:

Deduction u/s 54B - denial - sale of agricultural land standing in assesee's name - purchases of land in name of son and daughter-in-law - disallowed the exemption u/s 54B - HC

Penalty u/s 271(1)(c) - Merely because assessee claimed depreciation at 25% treating items to be plant, which claim was not acceptable to revenue, would not by itself...

Penalty u/s 271(1)(c) – assessee has bonafide belief in making the claim that gain arising out of sale of agricultural land is exempt from tax - no penalty - AT

Deduction u/s 54B – agricultural land - It is not the fault of the assessee if rained lands are not actually put to use during the drought - AT

Revision u/s 263 - Claim of deduction u/s 54B - sale of agriculture land after plotting - the issue is not limited to the capital gain or business income but the issue...

Penalty u/s 271(1)(c) - bogus claim of deduction under Section 35CCA - penalty under Section 271(1)(c) was rightly imposed - HC

Merely because assessee had claimed expenditure which was not accepted or not acceptable to Revenue that by itself would not attract a penalty u/s 271(1)(c) - AT

Deduction u/s 54B - capital gain on sale of one agricultural land - investment made in two agricultural land - deduction is not allowable in respect of two separate...

Addition u/s 41(1) on bogus creditors - amount received from 10 parties are not sundry creditors as they have advances for booking of plot of lands of which few have...

Deduction u/s. 54B - agricultural land which is purchased prior to the sale of agricultural land - the assessee is not entitled to claim deduction u/s. 54B of the Act...

Quick Updates: