catchwords: Penalty
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When Can S. 271(1)(c) Be Applied?
The Supreme Court in Sir Shadi Lal Sugar & General Mills Ltd. v. CIT [168 ITR 705] had held that the assessee agreeing to addition to his income, does not follow that the amount agreed to be added was concealed income.
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When Can S. 271(1)(c) Be Applied?
The Supreme Court in CIT v. Reliance Petro Products Ltd. [322 ITR 158] has held as under: “A glance at the provisions of section 271(1)(c) of the Income-tax Act, 1961 suggests that in order to be covered by it, there has to be concealment of the particulars of income of the assessee.
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Can Penalty Be Levied U/s. 271(1)(c) For Claim Made But Not Accepted By AO?
The Orissa High Court in Orissa Rural Housing Development Corporation Ltd. v. ACIT [343 ITR 316] has held “Law is well settled that when the statute requires a certain thing to be done in a certain way, the thing must be done in that way or not at all. Other methods or modes of performance are impliedly and necessarily forbidden.
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Can Penalty Be Levied U/s. 271(1)(c), If Assessment Is Completed U/s. 115JB?
In CIT v. Nalwa Sons Investments Ltd., [327 ITR 543 (Del.)] the facts were the assessee filed return declaring loss of Rs. 43.47 crores. Thereafter, the revised return exhibiting the income at Rs. 3.87 crores were filed under provisions of section 115JB
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How To Prove In Search And Seizure Cases The Manner In Which Such Income Is Derived?
Exception 2 to Explanation 5 to section 271(1) also provides similar condition, while interpreting the said Explanation the Gujarat High Court in CIT v. Mahendra C. Shah [299 ITR 305] has held as under: “In so far as the alleged failure on the part of the assessee to specify in the statement under section 132(4) of the Act regarding the manner in which such income has been derived,
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Whether A Penalty U/s. 272A Is Leviable For Non-Furnishing TDS Return?
When TDS was deposited in time, there is no loss to the revenue. However, non filing TDS return is a technical default. In Hindustan Steel Ltd. vs. State of Orissa [83 ITR 26]; the Supreme Court has held that, even if a minimum penalty is prescribed, the authority competent to impose the penalty will be
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Whether Penalty U/s 272A(2)(c) Can Be Levied For Delayed Filing Of TDS Return?
When TDS was deposited in time, there is no loss to the revenue. However, non filing TDS return is a technical default