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Income Tax - Highlights / Catch Notes

Home Highlights December 2012 Year 2012 This

Penalty u/s 271AAA - the assessee could not be denied the ...

Income Tax

December 20, 2012

Penalty u/s 271AAA - the assessee could not be denied the immunity u/s 271AAA(2) only because entire tax, along with interest, was not paid before filing of income tax return or, for that purpose, before concluding the assessment proceedings - AT

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  2. Penalty u/s 271AAA(2) - assessee has admitted to have earned unaccounted commission income during the course of search proceedings - he has paid due taxes along with...

  3. Loss of immunity from Penalty u/s. 271AAA - Delay in payment full tax as per the order of Settlement Commission (ITSC) - DR in argument mentioned that the assessee had...

  4. Penalty order u/s 271AAA - disclosure of additions income pursuant to search u/s 132 - In the present case the assessee has disclosed the entire source of income and...

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  6. Penalty u/s 271AAA - There will not be any penalty to the extent of undisclosed income admitted during search - immunity available under sub-clause (2) of section 271AAA

  7. Immunity from penalty - statements u/s 132(4) - AO denied Immunity alleging that admitted tax liability was not paid in the returns filed u/s 153C - no time frame fixed...

  8. Penalty 271AAA(2) - disclosure of undisclosed income - money found during search u/s 132 - assessee has fulfilled the requirement of sub-section (2) of section 271AAA -...

  9. Penalty u/s 271AAA - sufficient compliance - the language employed in the second exception under Explanation 5 to section 271(1) is, “pays the tax together with...

  10. Claim of interest on refund of "penalty amount and interest paid thereon" - Petitioner had paid interest on outstanding amount of penalty. On deletion of penalty,...

  11. Penalty u/s 271AAA - immunity from penalty if tax and interest has been paid on undisclosed income surrendered - No time limit for payment - no penalty if tax paid...

  12. Penalty u/s 271AAA in case of search – Provisions of clause (2) of explanation 5 appended to section 271(1)(c) are similar to immunity granted to assessee under clause...

  13. Addition u/s 40A(2) - assessee has paid interest to certain related parties and treated interest rate @ 15% reasonable and disallowed excess rate paid to related parties...

  14. Penalty imposed u/s 271AAA - in course of search and seizure operation when the assessee came forward and offered certain income to show his bonafide and ultimately...

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