Penalty proceeding u/s 271(1)(c) is initiated in a very routine manner by Assessing Officer while disallowing any expenditure or claim. The higher appellate authorities have come heavily on income tax department for the callous manner in which penalty proceeding u/s 271(1)(c) is initiated by A.Os. However, the surprise is that the Income Tax Act provides...
Landmark Judgment by Supreme Court On Penalty u/s 271(1)(c) in Favour Of Taxpayers !
March 27, 2010 by
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
Am I Laible To Penalty u/s 269SS if I Receive Loans from Several Person All Below Rs 20,000 ?
March 16, 2009 by
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 Penlaty U/s 271B Be Imposed For Not Showing Short Term Capital Gains?
January 3, 2009 by
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...
Do Section 269 SS Apply If Wife Receives Loan From Husband in Cash Exceeding Rs 20,000?
December 5, 2008 by
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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