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While the scope of addition to total income u/s 50C is wide and now happing very frequently,. various courts are consistently holding that the penalty u/s 271(1)(c) can not be made for just making a deemed income . Despite this initiating penalty u/s 271(1)(c) for addition u/s 50C of the Income Tax Act recklessly and...
Penalty proceeding initiation u/s. 271(1)(c) is a routine exercised for assessing officer. In many cases, where there is not even satisfaction about initiation of penalty noted in the assessment order, A.O. initiate the penalty proceeding.The only remedy preferred by assessee against the order of penalty is an appeal before CIT(A) . However, another remedy for...
Penalty imposition by assessing officer in a case selected for scrutiny after conducting survey u/s 133A is routine affair. However, times and gains , the Courts have come to rescue the assessee from such routine levy of penalty u/s 271(1)© as it has been ruled by various courts that merely because the return was filed after a survey...
Section 40(a )(ia) of the Income Tax Act provides that in case of non deduction of tax or non deposit of tax deducted at source on any payment which is claimed as allowable expense while computing business income , the expense will be disallowed completely. The Assessing officer also , in many case in a...
Penalty u/s 271(1)© of the Income Tax Act is initiated by assessing officer , usually when he makes addition while computing total income in an assessment proceeding u/s 143(3) .The proceeding u/s 271(1)© is challenged more than the assessment by A.O because while the additions are done on technical grounds , many time , the...
Delhi High Court in a very recent judgment on penalty proceeding in Commissioner of Income Tax versus Brahmaputra Consortium Ltd held on facts of the case that merely an inaccurate claim by an assessee will not be sufficient reason for imposing penalty u/.s 271(1) © . The fact of the penalty case The assessee made...
It is common practice among assessing officers to initiate penalty proceeding u/s 271(1)© of the Income Tax Act in case he or she treats loss claimed by taxpayer as speculative loss by virtue of Explanation to section 73. However, in most of the case , the fact regarding application of Explanation to Section 73 remains...
Very recent judgment of Supreme Court in CIT vs Reliance Petroproducts Pvt Ltd delivered on 17/3/2010, is a great relief to taxpayers as it has cleared the confusion in minds of Authorities regarding the imposistion of penalty. In fact the decision of Apex Court in Dharmendra Textile embolden Authorities to the extent that penalty proceeding
As per the I.T. Act the aggregate amount of loan taken in cash should not exceed 20,000/-. This aggregate amount means total amount from all the parties from whom loan has been taken or loan from one single party. For eg if I have taken loan from three parties in cash each amount being Rs....
Can an A.O. IMPOSE A PENALTY on not showinng a short term capital gains in return filed for a.y. 2006-2007 u/s 271B. The assessee is a senior citizen and the total income is below the limit of Rs 1,85,000.Promod Yeri The penalty u/s 271B is for failure to get accounts audited. The audit of accounts...
In current financial year if I have received Rs 1 lakh in cash from my husband with consideration that I will pay this amount back to my husband. My question is that do sec 269 SS apply in this case? If yes then to avoid penalty can I show this amount as Income in my...
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