Answers On Topic: Concealment penalty
Penalty u/s 271(1)(b) for alleged noncompliance of notices u/s 142(1) in assessment u/ s 147 r.w.144 and 144B
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What are the consequences of 271(1)C ? also how to prove and how to solve 271 1c ?
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Assessee is an individual and has income from partnership firm, interest on fixed deposits. The assessee has filed the return of income for A.Y 2015-16 wherein the income on account of LTCG on sale of agricultural land and interest on savings bank account was remained to be disclosed in the return of income. Therefore assessee submitted a letter before the AO that he was under a bonfide belief that the land being agricultural land situated outside 8 kms from the local authorities, therefore has not offered the income form sale of said land in the return of income. After coming…
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1.Penalty of Rs.5,00,000 u/s 271(1)(c) was deleted by CIT appeal on the ground that penalty order passed by A.O. was passed after six months u/s 275(1)(a) . 2.The revenue is in appeal before ITAT on the ground that i) The penalty order was received late by CIT ii) The case is covered under exception to small tax effect circular of CBDT para 10(a) iii) Appeal admitted by the High court in quantum case is not relevant since withdrawal application has been filed by the assessee as per Vivad se Vishwas scheme. 3. On behalf of the assessee it was submitted…
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1.Assessment was completed u/s 143(3)/147 making additions on account of discrepancies found in survey on account of Cash in hand and Stock in trade etc. 2.On appeal the additions made by A.O. were confirmed by CIT(A) vide order dated 06/02/2020 and ITAT order dated 08/07/2016. 3.Penalty u/s 271(1)(c) of Rs.4,60,000 was levied vide order dated 26/04/2017. 4.On appeal CIT(A) deleted the Penalty on the sole ground taken regarding limitation stating that - "order of the ITAT was passed on 08/07/2016 , therefore the penalty order must have been passed by the A.O. upto 31/03/2017. However the A.O. has passed the…
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In the aforesaid query the addition was made on account of investment in construction of house and the assessment was completed u/s 143(3)/147
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Penalty u/s 271(1)(b) for alleged noncompliance of notices u/s 142(1) in assessment u/ s 147 r.w.144 and 144B