Levying penalty u/s. 271(1)(c) - The appellant, a partner in a ...

Income Tax

April 20, 2024

Levying penalty u/s. 271(1)(c) - The appellant, a partner in a partnership firm, had disclosed all particulars of income, including remuneration and interest on capitals received from the firm, in the original return filed. Despite the incorrect claim made under section 44AD of the Act, the Tribunal found no evidence of concealment or furnishing inaccurate particulars. Relying on legal precedents and considering the disclosure made by the appellant, the Tribunal concluded that the penalty was unwarranted.

View Source

← Previous Next →

Levying penalty u/s. 271(1)(c) - The appellant, a partner in a ...

Income Tax

April 20, 2024

You may also like:

Penalty levied u/s 271D - capital contributed by the partner in the partnership firm does not tantamount to loan or deposit within the meaning of section 269SS - No penalty - AT

Penalty u/s 112 - since penalty has been imposed on partnership firm under Section 112 (a), separate penalty on its partner would not be justified - AT

Imposition of Simultaneous Penalties - Whether CESTAT erred in imposing simultaneous penalties on both the Partner and Partnership firm – Matter referred to larger bench - HC

Tribunal was justified in holding that no separate penalties were warranted on the partners in addition to the penalty on the partnership firm - AT

Dissolution of partnership - taxability of sum received by a partner - Any amount paid to a partner as his share on dissolution of the partnership firm cannot be...

Penalty u/s 271(1)(c) of the Income Tax Act – short term capital gains was not disclosed in the return of income - levy of penalty confirmed - AT

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 u/s 271(1)(c) - furnished wrong particulars of its income in terms of profits u/s 115JB - Computation of Minimum Alternate Tax (MAT) - levy of penalty confirmed - AT

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...

Imposition of penalty - If any liability arises against the partnership firm i.e. shifted on partners of partnership firm in the sharing ratio of the partners,...

Quick Updates: