Home Highlights March 2013 Year 2013 This

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1. Penalty u/s 271(1)(c) - Explanation is bonafide is, we find, supported by the fact that during assessment proceedings the assessee, realizing his mistake even before...

2. Penalty u/s 271(1)(c) - Addition u/s 68 - Head changed from income under “PGBP” (as shown by the assessee) to addition U/s 68 - That there was some tax sought to be...

3. Penalty u/s. 271(1)(c) - assessee had wrongly shown the rental income as 'business income' - Even the pertinent fact on the file is that in the immediate preceding...

4. 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...

5. Penalty u/s 271(1)(c) - disallowance u/s. 36(1)(iii) - In fact, the assessee at the time of assessment proceedings has given a detailed calculation related to interest...

6. Penalty u/s 271(1)(c) - accrual of income for assessee society - In assessee`s appeal assessing officer treated contribution towards welfare Fund and Hospital Fund as...

7. Penalty u/s 271(1)(C) - Unexplained Expenditure on Stamp Duty and Registration Charges made out of Undisclosed Income - There was no dishonest intent of the assessee...

8. Penalty u/s 271(1)(c) - Making an incorrect claim in law cannot tantamount to furnishing inaccurate particulars under Section 271(1)(c) of the Act. Mere making of a...

9. Penalty u/s 271(1)(c) - non specification of charge - defective notice - Merely because the assessee claimed the expenditure by virtue of a change of head of income and...

10. Penalty u/s 271(1)(c) - When the matter travelled to the Tribunal, the explanation which was given by the assessee and accepted by the CIT(A) was once again examined by...

11. Penalty u/s 271(1)(c) - the fact that the assessee and his son have declared the undisclosed income in their individual return of income and have paid taxes but capital...

12. Penalty u/s 271(1)(c) - additional income was declared in survey u/s 133A - date of filing of return u/s 139(1) had not expired - The fact of “concealment of income” and...

13. Penalty for concealment of income u/s 271(1)(c) of the Income Tax Act - Claim of capital loss as bad debt - bonafide belief - no penalty - HC

14. Levy of penalty u/s 271(1)(c) - weighted deduction u/s 35(1)(ii) claimed in the original return and later in the return filed in response to notice u/s 148 of the Act,...

15. Penalty u/s 271(1)(c) - loss on sale of shares - change in head of income by AO - merely change of head of income cannot characterize furnishing inaccurate particulars...