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DATE: November 11, 2014 (Date of pronouncement)
DATE: December 1, 2014 (Date of publication)
AY: 1986-87
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CITATION:
S. 271(1)(c) & 273(2)(a): Penalty cannot be mechanically levied. Cogent reasons have to be given

Sections 271(1)(c) and 273(2)(a) empower the AO to impose penalty on an assessee in a case, where, (1) there is concealment of income or (2) conscious attempt to provide the particulars of income which is untrue. Meaning thereby, the AO …

Amrut Tubewell Company vs. ACIT (Gujarat High Court) Read More »

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DATE: November 24, 2014 (Date of pronouncement)
DATE: November 27, 2014 (Date of publication)
AY: 2003-04
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CITATION:
S. 271(1)(c): Before proceeding to the Explanation below s. 271 and putting the responsibility on the assessee, it is necessary for the AO to first demonstrate that the assessee's explanation or conduct is not reasonable on human probabilities, or that it was in the nature of violating settled legal positions. If the explanation is not fanciful, baseless or unacceptable, penalty cannot be levied

A legal contention raised bonafide by the assessee claiming the amounts to be capital receipt, only because the same was not accepted, by itself cannot be said to be act of fraud or gross or wilful negligence. Merely because the …

CIT vs. Rucha Engineers Pvt. Ltd (Bombay High Court) Read More »

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DATE: October 16, 2014 (Date of pronouncement)
DATE: November 17, 2014 (Date of publication)
AY: 1992-93
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CITATION:
S. 271(1)(c): In the absence of a clear-cut finding by the AO as to whether it is a case of 'concealment' or 'furnishing inaccurate particulars', penalty cannot be levied

it is incumbent upon the AO to come to a positive finding as to whether there was concealment of income by the assessee or whether any inaccurate particulars of such income have been furnished by the assessee. In the absence …

Mitsu Industries Ltd vs. DCIT (Gujarat High Court) Read More »

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DATE: June 19, 2014 (Date of pronouncement)
DATE: November 17, 2014 (Date of publication)
AY: 2007-08
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CITATION:
S. 271(1)(c): No penalty can be levied solely on the basis of admission made during survey if there is no corroborative evidence & no fault is found with the return of income

Though the assessee offered a sum of Rs. 1 crore during the survey on account of discrepencies, errors and omissions in the accounts, at the stage of the assessment, there is no reference to any incriminating material found during the …

ACIT vs. Crescent Property Developers (ITAT Mumbai) Read More »

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DATE: November 12, 2014 (Date of pronouncement)
DATE: November 14, 2014 (Date of publication)
AY: 2003-04
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CITATION:
S. 271(1)(c): Penalty initiated without specifying whether it is for concealment or for furnishing inaccurate particulars it invalid

(i) It is incumbent upon the Assessing Officer to state whether penalty was being levied for concealment of particulars of income by the assessee or whether any inaccurate particulars of income had been furnished by the assessee. There are two …

DCIT vs. Nepa Limited (ITAT Indore) Read More »

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DATE: September 25, 2014 (Date of pronouncement)
DATE: October 5, 2014 (Date of publication)
AY: 1996-97
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CITATION:
What is accrual of income. The word "conceal" inherently and per-se refers to an element of mens rea, albeit the expression "furnishing of inaccurate particulars" is much wider in scope

(i) We need not refer to the case law on the subject, what is income or accrual of income, except by referring to the authoritative pronouncement of this Court in Commissioner of Income Tax versus Dinesh Kumar Goel, (2011) 331 …

New Holland Tractors (India) Pvt. Ltd vs. CIT (Delhi High Court) Read More »