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

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Entire Bogus Purchases cannot be Disallowed when Sales are Not Disputed: ITAT deletes Penalty based on Estimated Addition [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai Bench, has recently, in an appeal filed before it, while deleting penalty based on estimated...

Omission of Income due to Human Error Committed by Accountant Not “Willful Attempt to Conceal...

Mere Rejection of A Claim will not Invite Levy of Penalty u/s 271(1)(C) Of Income Tax Act: ITAT...

No Penalty If Income Already Offered to Tax by Different Entity: ITAT [Read Order]

Builder Eligible for Income Tax Deduction u/s 37 in respect Compensation to Flat Buyers on...

Penalty Notice u/s 271(1)(c) of Income Tax Act Issued in a Stereotyped Manner Without Applying Mind Not Valid: ITAT [Read Order]

Penalty imposed on the assessee was deleted by the Delhi Bench of Income Tax Appellate Tribunal ( ITAT ) chaired by Anil Chaturvedi (Accountant member) and N.K. Chaudhry (Judicial Member). The...

Levy of 100% of Tax sought to be Evaded u/s 271AAA of Income Tax Act is Not “Typographical Error”: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT) recently held that levy of 100% of tax sought to be evaded under section 271AAA of Income Tax Act is not typographical error. Section 271AAA Income Tax Act...

Showing less LTCG by making false claim u/s 54EC without making investment: ITAT confirms penalty [Read Order]

The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) confirmed penalty as there was showing less Long Term Capital Gain (LTCG) by making false claim under Section 54EC without making...

Payment of TDS with Interest to ensure No Loss to Revenue: ITAT deletes Penalty [Read Order]

The Ahmadabad Bench of the Income Tax Appellate Tribunal ( ITAT ), deleted penalty as there was payment of TDS with interest to ensure no loss to revenue. The assessee’s (Corrtech International...

Penalty u/s 271(c) of Income Tax Act not imposable in the absence of deliberate Concealment and Inaccurate particulars: Madhya Pradesh HC [Read Order]

The Madhya Pradesh High Court has held that penalty u/s 271(c) of the Income Tax Act, 1961 is not imposable in the absence of deliberate concealment and inaccurate particulars. M/s S Kumar Tyres...

Penalty u/s 271(1)(c) cannot be made for Income Tax Additions made on ad-hoc basis: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), New Delhi Bench held that penalty under Section 271(1)(c) of the Income Tax Act, 1961 cannot be made for additions made on ad-hoc basis. The assessee,...

Disallowance of Depreciation under MAT Provisions for Adjustments in Book of Profit does not Attract Penalty: ITAT [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT), in a recent ruling has held in favour of the assessee that, no penalty can be imposed under Minimum Average Tax (MAT) provisions for...

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