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No Penalty u/s 271(1)( c ) If Assessee had acted in a Bonafide Manner: ITAT [Read Order]

The Delhi bench of Income Tax Appellate Tribunal ( ITAT ) ruled that the department should not impose the Penalty under section 271(1)(c) of the Income Tax Act if the assessee had acted in a bona fide...

No Penalty u/s 271(1)( c ) If Assessee had acted in a Bonafide Manner: ITAT [Read Order]
Taxscan Team

Penalty u/s 271(1)(c) can’t be Imposed when Income is determined on Estimate Basis: ITAT [Read Order]

In ACIT vs. Eagle Theatres, the Delhi bench of the Income Tax Appellate Tribunal (ITAT) held that penalty under Section 271(1)(c) of the Income Tax Act, 1961 cannot be imposed when income is...

Penalty u/s 271(1)(c) can’t be Imposed when Income is determined on Estimate Basis: ITAT [Read Order]
Taxscan Team

ITAT Grants Relief to Shah Rukh Khan: Deletes Penalty on his Bona Fide belief of Non-Taxability of Dubai Villa [Read Order]

The Mumbai bench of Income Tax Appellate Tribunal (ITAT) recently granted relief to Bollywood Film Actor Shah Rukh Khan by removing the penalty imposed by the Assessing Officer (A.O.) under Section...

ITAT Grants Relief to Shah Rukh Khan: Deletes Penalty on his Bona Fide belief of Non-Taxability of Dubai Villa [Read Order]
Taxscan Team

Offering Income under a Wrong Head would not attract Penalty: ITAT [Read Order]

In ACIT vs. M/s. Sane & Doshi Enterprises, the Income Tax Appellate Tribunal ( ITAT ) held taxability of an item of income under a wrong particular head should not result in levy of penalty under...

Offering Income under a Wrong Head would not attract Penalty: ITAT [Read Order]
Taxscan Team

Quantification of Penalty depends on Addition made to Income of Assessee: ITAT [Read Order]

While hearing the case of Kamlesh P. Modi and Rohit P. Modi, Ahmedabad bench of Income Tax Appellate Tribunal (ITAT) ruled that quantification of penalty is depended upon addition made to the income...

Quantification of Penalty depends on Addition made to Income of Assessee: ITAT [Read Order]
Taxscan Team

Mere Voluntary Surrender of Income without Disclosing Its’ Source would not avoid Penalty: Delhi HC [Read Order]

A division bench of the Delhi High Court, last day held that mere voluntary surrender of income without disclosing its source cannot rescue assessee from facing penal consequences under the Income Tax...

Mere Voluntary Surrender of Income without Disclosing Its’ Source would not avoid Penalty: Delhi HC [Read Order]
Taxscan Team

No Penalty when Assessee co-operated in Re-opening Proceedings and Paid Tax: ITAT [Read Order]

The Income Tax Appellate Tribunal, Lucknow recently in the case of Pankaj Kumar Gupta v. Income Tax Officer ruled that penalty is not leviable when the assessee co-operated in re-opening proceedings...

No Penalty when Assessee co-operated in Re-opening Proceedings and Paid Tax: ITAT [Read Order]
Taxscan Team

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