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

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Disallowance made by Interpreting Revenue Expenditure as Capital Loss not Sustained: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT) in Delhi held that interpretation of the transaction of loss of security in the nature of revenue expenditure...

Penalty Proceedings Initiated without Requisite Satisfaction: ITAT Quashes Penalty [Read Order]

Additions made on Estimation Basis: ITAT directs AO to delete Penalty u/s 271(1)(c) [Read Order]

Levy of Penalty of 100% of the Tax Sought to be evaded will Meet the Ends of Justice: ITAT sets...

'Bonafide- Silly Mistakes' in Tax Audit Report would not attract Income Tax penalty: ITAT [Read...

Money cannot be treated as 'Unaccounted' merely because of Non-Response from Creditors: ITAT deletes Penalty [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi bench, while deleting penalty under section 271(1)(c) of the Income Tax Act, 1961 has held that the money cannot be treated as ‘unaccounted’ merely...

Non Furnishing of Full Details of Income required by Assessing Officer Leads to Penalty: ITAT [Read Order]

In a recent case, the Income Tax Appellate Tribunal (ITAT), Ahmedabad held that if the assessee failed to furnish full details of income required by Assessing Officer, by virtue of Section 271(1)(c)...

Inadvertent and Bonafide Error in Return won’t attract Penalty: ITAT [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that an inadvertent and bonafide error in return would not attract penalty under section 271(1)(c) of the Income Tax Act, 1961. ...

Wrong Claim for TDS would not attract Penalty: ITAT [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that a wrong claim for TDS cannot be a ground to invoke penalty proceedings against the assessee under section 271(1)(c) of the...

When Quantum Addition deleted, Consequent Penalty can’t Survive: ITAT [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that when the quantum addition is deleted by the appellate authorities, the penalty levied under Section 271(1)(c) of the Income...

Bonafide Human Errors should be demonstrated with Circumstantial Evidence: ITAT upholds Penalty [Read Order]

While dismissing an appeal filed by Swift Knit Pvt.Ltd, the Income Tax Appellate Tribunal (ITAT) Ahmedabad bench has held that in order to avoid penalty under section 271(1)(c) of the Income Tax Act,...

Assessee can’t be penalized for a Bonafide Mistake committed by Chartered Accountant: ITAT [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) has held that no penalty can be initiated against the assessee under section 271(1)(c) of the Income Tax Act, 1961 for a bonafide mistake...

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