Penalty u/s. 271(1)(c) - unexplained loan creditors - as ...

Income Tax

December 29, 2021

Penalty u/s. 271(1)(c) - unexplained loan creditors - as explained by the assessee that said difference is due to reconciliation of year end entries between assessee and his creditors. In our opinion, this cannot be considered as neither concealment nor filing of inaccurate particulars of income. Levying of penalty on this count is not justified therefore, the same is deleted. - AT

View Source

← Previous Next →

Penalty u/s. 271(1)(c) - unexplained loan creditors - as ...

Income Tax

December 29, 2021

You may also like:

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

Addition on account of section 68 - Unexplained sundry creditors - adoption of 1% Net profit on the turnover for various assessment years will be reasonable and will...

Penalty under section 271(1)(c) - There is no concrete positive evidence against the assessee exhibiting unexplained investment, except unregistered sale deed, which...

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...

Penalty u/s 271(1)(c) - absence of due care does not mean that the assessee is guilty of either furnishing inaccurate particulars or attempting to conceal its income -...

Penalty u/s 271(1)(c) of the Act - difference of opinion with regard to the nature of expenditure would not amount to furnishing of inaccurate particulars of income - AT

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...

Addition of unexplained cash credit u/s 68 - Due to existing disputes with the parties by the sister concerns of the assessee, the assessee could not procure the...

Penalty u/s 271(1)(c)- additions u/s 68 - the contention of the assessee cannot be straightway rejected that such error may occur due to software problem - AT

Penalty u/s 271(1)(c) – Adopting “Doctrine of continuity“ and concurrence, the penalty in the assessee's case is liable to be confirmed only in the first assessment year - AT

Quick Updates: