Read all Latest Updates on and about section 271(1)(c) of the Income Tax Act 1961

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Penalty Matter Remanded: ITAT Directs AO to Give Effect to Quantum Appeal Before Deciding [Read Order]

Franklin Joshva

The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) has remanded the penalty proceedings under Section 271(1)(c) of the Income Tax Act,...

No Penalty u/s 271(1)(c) for Voluntarily Disclosed Bona Fide Mistake by Taxpayer: Chhattisgarh HC...

AO issued Penalty Notice without Specifying Offense of Concealment or Inaccurate Particulars as...

Additional Income of Assessee cannot be treated as Concealed Income under Income Tax Act: Kerala HC...

Absence of Continuity in action of AO and CIT(A): ITAT deletes Penalty imposed without sure about...

No Penalty can be Imposed u/s 271(1) when Income Surrendered by Assessee During Survey is Shown in a Regular Income Tax Return Filed within the Prescribed Time: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench, has recently, in an appeal filed before it, held that no penalty under section 271 (1) can be imposed when income surrendered by the...

Initiating Penalty u/s 271(1)(c) of Income Tax Act without Valid Notice is Invalid: ITAT [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal ( ITAT ), ruled that initiating penalty under Section 271(1)(c) of the Income Tax Ac, 1961 without valid notice is invalid. The appellant,...

Income Tax: Wrong Claim of Depreciation Does not Attract Penalty, Rules ITAT [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Chandigarh Bench, has recently, in an appeal filed before it, held that a wrong claim of depreciation does not attract a penalty. The aforesaid...

Relief to Nagarjuna Oil Corporation, Section 271(1)(c) Penalty cannot be imposed on debatable issue: ITAT [Read Order]

As a relief to Nagarjuna Oil corporation, the Chennai bench of the Income Tax Appellate Tribunal ( ITAT ) has held that Section 271(1)(c) of the Income Tax Act,1961 penalty cannot be imposed on a...

Making Incorrect Deduction not amount to Furnishing Inaccurate Particulars u/s 271 (1)(c): ITAT deletes Penalty [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Delhi Bench deleted the penalty as incorrect deduction does not amount to furnishing inaccurate particulars under Section 271(1)(c) of the Income Tax Act,...

Claim of Interest paid to the Firm on overdrawn Capital is allowable as a Business Expense: ITAT [Read Order]

The Chandigarh Bench of the Income Tax Appellate Tribunal (ITAT) has held that the claim of interest paid to the firm on overdrawn capital is an allowable business expense. Bhawneshwar Kumar, the...

Penalty Notice without specifying the Charge proves Non-application of Mind, Invalid: ITAT [Read Order]

The New Delhi bench of the ITAT has held that a penalty notice, issued in a stereotyped manner without specifying the specific limb as mentioned in section 271(1)(c) of the Income Tax Act, 1961 shall...