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

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

Gayathri C.H

The Income Tax Appellate Tribunal (ITAT), Ahmadabad Bench, has recently, in an appeal filed before it, held that no penalty can be imposed if income...

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...

Levy of 100% of Tax sought to be Evaded u/s 271AAA of Income Tax Act is Not “Typographical Error”:...

Showing less LTCG by making false claim u/s 54EC without making investment: ITAT confirms penalty ...

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...

Disclosure of Undisclosed by Other Persons during Search Not Binding on Assessee, Penalty u/s 271AAB Not Leviable: ITAT [Read Order]

In a significant ruling, the Income Tax Appellate Tribunal (ITAT), Kolkata bench has held that the penalty under section 271AAB of the Income Tax Act, 1961 is not leviable on the basis of disclosure...

No Payment made above Purchase Price of Asset: ITAT deletes Penalty u/s 271(1)(c) [Read Order]

The Income Tax Appellate Tribunal (ITAT), Ahmedabad set aside penalty imposed under Section 271(1)(c) of the Income Tax Act,1961 as there was no payment made above purchase price of asset. The...

Penalty u/s 271(1)(c) not leviable on Bonafide Mistake: ITAT [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT)held that penalty under section 271(1)(c) is not leviable on a bonafide mistake. Central News Agency Pvt Ltd, the assessee’s total...

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