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Income Tax - Highlights / Catch Notes

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Penalty u/s 271(1)(c) - debatable issue arises - partial income ...

Income Tax

May 31, 2023

Penalty u/s 271(1)(c) - debatable issue arises - partial income not offered to tax - revenue from web hosting services - income in the nature of royalty or not - since the matter is debatable and still to attain the finality, levy of penalty is not sustainable - AT

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  3. No Penalty u/s 271(1)(c) - claim is bonafide and is also debatable and there is no concealment of income.- AT

  4. Annual web hosting charges treated as prior period expenses – AO is directed to verify and examine the claim of the assessee - AT

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