Levy of penalty u/s. 271(1)(c) - The appellant contended that ...

Income Tax

March 23, 2024

Levy of penalty u/s. 271(1)(c) - The appellant contended that the addition made by the Assessing Officer was based solely on estimations, making it ineligible for penalty imposition. The ITAT upheld this argument, citing legal precedents to support its decision. Additionally, the court noted the defective nature of the penalty notice issued by the Assessing Officer, further bolstering the appellant's case. - Consequently, the Tribunal set aside the impugned order and allowed the appellant's appeal, directing the deletion of the penalty.

View Source

← Previous Next →

Levy of penalty u/s. 271(1)(c) - The appellant contended that ...

Income Tax

March 23, 2024

You may also like:

Penalty u/s 271(1)(c) - estimation of income - bogus purchases - penalty u/s 271(1)(c) of the Act cannot be levied where the addition is made on estimate basis - AT

Levy of penalty u/s 271(1)(c) - disallowance of bogus purchases by applying the profit rate - Once there is no reason to disbelieve the sales made by the assessee and...

MAT is paid, additions were made to regular income, penalty not levied – 115JB, 271(1)(c)

Penalty levied u/s 271(1)(b) - assessee had failed to provide full submissions - penalty levied by the Assessing Officer u/s 271(1)(b) of the IT Act deserves to be...

Penalty u/s 271(1)(c) on addition made u/s 68 - the assessee has given sufficient explanation though not found satisfactory by AO - No merit in levying penalty.

Levy of penalty u/s. 271(1)(c) - Addition of LTCG - Assessing Officer while recording satisfaction has invoked both the charges of section 271(1)(c) - ambiguity and...

Levy of penalty u/s.271(1)(c) - estimation of disallowance at 50% of commission and improvement expenditure - in this case, the additions were made on the basis of...

Levy of Penalty u/s 271AAA or u/s 271(1)(c) - whether addition is made on estimation basis or on the basis of certain evidences, fact remains that the additions made in...

Penalty u/s 271(1)(c) - addition made on protected assessment - addition in this case was made on protected assessment/addition on estimated basis which is against the law - AT

Suppression of sales turnover - estimation suppressed turnover - AO was wrong in estimating the additions which was solely based on one day sales - HC

Quick Updates: