Penalty for concealment – Just because there is a substitution ...

Valuation substitution u/s 50C doesn't imply income concealment or inaccurate details, no penalty warranted.

February 19, 2013

Case Laws Income Tax AT

Penalty for concealment – Just because there is a substitution of valuation u/s 50C as the fair value, it cannot be said that there was any concealment of income or furnishing of inaccurate particulars - AT

View Source

← Previous Next →

Penalty for concealment – Just because there is a substitution ...

Valuation substitution u/s 50C doesn't imply income concealment or inaccurate details, no penalty warranted.

February 19, 2013

Case Laws Income Tax AT

You may also like:

The crux pertains to levying penalty u/s 271(1)(c) for alleged furnishing of inaccurate particulars or concealment of income regarding capital gains computation on sale...

Penalty u/s 271(1)(c) - even if it is assumed that concealment of the income was invented by the Assessing Officer from the details that are furnished by the assessee,...

The Income Tax Appellate Tribunal (ITAT) allowed the assessee's appeal and directed the penalty u/s 271(1)(c) of the Income Tax Act to be deleted. The Assessing Officer...

Penalty u/s 271(1)(c) - Necessity of recording satisfaction - AO Statement that the assessee has consciously made the concealment by furnishing inaccurate particulars of...

Addition u/s 50C - Capital Gains - For the purposes of third proviso to S. 50C(1) of I.T.Act; the valuation of the property by DVO has no relevance; and what is material...

Levy of Penalty u/s. 271(1)(c) - The ITAT ruled that since there was no variation between the returned and assessed income, there was no concealment of income by the...

ITAT upheld deletion of penalties under s271(1)(c) and s270A regarding non-deduction of TDS on External Development Charges paid to HUDA. While assessee did not contest...

Valuation u/s 50C - Reference not made to DVO - Assessing Officer ought to have referred the valuation of the capital asset to the Valuation Officer, whereas, the...

The ITAT Mumbai considered a case involving a penalty u/s 271(1)(c) for concealment of income or furnishing inaccurate particulars of income. The Tribunal found the...

Capital gain Computation - Stamp duty valuation u/s 50C - Once legislature very graciously accepts, by introducing the legal amendments in question, that there were...

The assessee objected to the valuation report prepared by the district valuation officer and the stamp duty rate. The assessing officer referred the matter to the...

Penalty levied u/s 271(1)(c) - the mere disallowance under section 43B would not amount to concealment of income or furnishing inaccurate particulars of income - no penalty.

Penalty under section 271(1)(c) - there is concealment of income from the HUF, i.e., knowingly the assessee furnished inaccurate particulars of income for computation...

Non-filer assessee had taxable income but failed to file return u/s 139(1), later filed return in response to notice u/s 148 without considering section 50C provisions,...

Penalty u/s 271(1)(c) - Penalty order did not specify the particular limb under which penalty u/s 271(1)(c) is levied. AO has not specified that penalty is either levied...

Quick Updates: