WebDec 26, 2024 · Further, Sec. 271 (1) (c), penalty could have ranged from 100% to 300% of the tax evaded. New provisions bring a certainty to the quantum of penalty by prescribing a fixed percentage of penalty – 50% in case of under reporting of income and 200% in case under reporting is due to mis-reporting. 2. WebAug 24, 2024 · In the past the courts have held that if the show cause notice proposing penalty under section 271 (1) (c) do not clearly specify whether its for furnishing inaccurate particulars or for concealment then such show cause notice and …
Updated Penalty Chart under Income Tax Act, 1961 - TaxGuru
WebThe absence of direction for initiation of penalty proceedings under Section 271(1)(c) in the body of assessment order, cannot even be ratified by issue of notice under Section 271(1)(c) r.w.s. 274 along with assessment order or by taking recourse to Section 154/292B otherwise it will render Section 271(1B) meaningless and otiose. WebNov 22, 2024 · Revisionary order u/s 263 passed against dropping of penalty u/s 271 (1) (c) after the expiry of limitation period as provided u/s 275 of the Act was invalid – ITAT. The appeal involved was filed by the assessee against the order of the Principal Commissioner of Income Tax. The appellant assessee was an individual, who is doing real estate ... photography laws uk
Penalty u/s 271(1)(c): A Comprehensive Analysis – Articles
WebDec 9, 2015 · The ld. counsel for the assessee submitted that the assessing officer levied penalty under section 271 (1) (c) in respect of the aforesaid addition without judicially appreciating the facts of the case and the position of law and contented that if the Assessing Officer or the Commissioner (Appeals) or the Commissioner in the course of any … WebRelated to (11c) (12A) goods and services tax” means any tax on supply of goods, or services or both except taxes on the supply of the alcoholic liquor for human … WebFeb 2, 2024 · Applicability of provisions of section 271C of Income Tax Act, 1961. The penalty under section 271C is applicable under the following conditions –. The person fails to deduct, the whole or part of, tax at … photography leadership