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

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section 271(1)(C) of...

No Penalty If Assessee Discloses Correct Income during Scrutiny Proceedings: ITAT Hyderabad [Read Order]

In Kalwa Bhaskar v. ACIT, the division bench of the Income Tax Appellate Tribunal (ITAT), Hyderabad held that penalty under Section 271(1)(c) of the...

No Penalty when the Assessee makes an Untenable Claim on the advice of Professional and later offers...

No Penalty When the Addition is made by invoking sec 50C and No Incriminating material is found:...

Penalty u/s 271(1)(c) is Leviable only If the Assessee Files Incorrect, Erroneous or False Return:...

Penalty is not leviable on Ground of Mere Disallowance of Expenditure Claimed: ITAT Mumbai [Read...

Penalty on Ground of Change in Heads of Income is Illegal: ITAT Mumbai [Read Order]

In a recent decision, the Mumbai bench of the ITAT observed that change in the heads of income reported by the assessee would not automatically result in attracting penalty under section 271(1)(c) of...

Application u/s 50C to determine Capital Gain is not a Conclusive Proof that sale deed is incorrect or wrong: ITAT Ahmedabad [Read Order]

The Ahmedabad bench of the Income Tax Appellate Tribunal, in a recent decision, held that determination capital gain by applying section 50C of the Income Tax Act, 1961 cannot be treated as a...

Failure of the Assessee to Prove the Legality of his Undisclosed Income will not attract Penalty u/s 271(1)(c); ITAT Hyderabad [Read Order]

The Hyderabad bench of Income Tax Appellate Tribunal recently held that the failure on the part of the assessee to substantiate the legality of his undisclosed income will only attract assessment...