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Section 271 1 c of income tax act 1961

Web25 Jan 2024 · Section 271 (1) (c) of Income Tax Act 1961 (“The Act”), empower to Income Tax Authority to levy penalty under the Act, if the assessee officer or commissioner appeal or the principal commission during the any proceeding is satisfied that assessee has concealed the particulars of his income or furnished inaccurate particulars of income, he … Web3. Briefly stated the facts of the case are that the AO initiated penalty proceedings and penalty under section 271(1)(c) of the Income Tax Act, 1961 (hereinafter referred to as the Act) was levied vide order dated 17.03.2015 on addition of income under section 56(2)(vii)(b) of Rs. 25,52,137/- and capital gain under section 50C of Rs. 30,08,667 ...

Section 271(1)(c) Penalty when income determined by AO on

Web5 Aug 2024 · You are required to show cause why order imposing penalty under section 271F of Income-tax Act,1961 should not be passed as initiated by the penalty notice referred above. 4. Kindly submit your response along with supporting documentary evidence(s) if any, electronically in 'e-Proceeding' facility through your account in e-filing website … Web15 hours ago · ITAT Delhi held that penalty u/s 271(1)(c) of the Income Tax Act alleging inaccurate particulars not leviable as assessee was subjected to tax on book profits u/s … mining chemicals https://tommyvadell.com

Faceless penalty proceedings u.s. 271F - harassment due to …

Web13 hours ago · In respect of payment for preventive health check-up: In the case of an individual: (A) where the aggregate of such payment does not. Exceed rs. 5,000. the whole of such sum; (B) where the aggregate of such payment exceed. Rs. 5,000. Rs. 5,000. Tags: income tax act 1961, Income Tax Deductions. Web11 Apr 2024 · 11 April 2024 3:15 AM GMT. The Supreme Court has ruled that no penalty is leviable under Section 271C of the Income Tax Act, 1961 on mere delay in remittance of the tax deducted at source (TDS ... WebSection 271 (1) (c)& 275 (1A) of the Income Tax Act, 1961 — Penalty — Concealment Penalty — Requirement under section 275 (1A) is that A.O. must pass an order giving effect to the order of appellate authority and only thereafter consider the issue of imposition of penalty after giving opportunity of being heard to the assessee, matter remanded to … mining charter south africa pdf

Section 271 (1) (c) of the Income-tax Act, 1961 - CAclubindia

Category:Mere Delay In Remittance Of TDS Doesn’t Attract Penalty Under S …

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Section 271 1 c of income tax act 1961

Penalty order u/s 271(1)(c) issued without striking off irrelevant …

Web13 hours ago · In respect of payment for preventive health check-up: In the case of an individual: (A) where the aggregate of such payment does not. Exceed rs. 5,000. the whole … Web15 Aug 2024 · The Pune bench of the Income Tax Appellate Tribunal (ITAT) has held that no penalty under section 271F of the Income Tax Act, 1961 is leviable since the assessee was under an impression that the sale proceeds of agricultural activities do not attract income tax and the same is a reasonable cause to escape from the penalty proceedings. The ...

Section 271 1 c of income tax act 1961

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Web1 day ago · For the sake of natural justice, another show cause notice u/s 271D of the Act vide dated 27.05.2024 was issued to the assessee as to why an order imposing a penalty … Web15 hours ago · The case was selected for scrutiny under CASS and a notice under section 143(2) was served on the assessee on 22.09.2016. The Assessing Officer(AO) passed …

WebA bare look at the provisions of the section 271(1)(c) of I.T. Act 1961 ( in short ‘1961 Act) shows that satisfaction of the concerned tax authority to the effect that the assessee ... Web2 days ago · On 09.10.2003, the Additional Commissioner of Income Tax issued a show cause notice proposing to levy a penalty under Section 271C of the amount equal to TDS. …

Web6 Aug 2024 · The AO, subsequently levied penalty under section 271(1)(c) of the Act for an amount of Rs. 77,24,049/- on account of concealment of income. 8.1 On appeal before … Web18 Mar 2024 · (a) The Explanations to section 271(1)(c) are applicable to both the concealment of income and the furnishing of inaccurate particulars. Clause (c) of sub …

Web11 Apr 2024 · Sec 271C is quite categoric. Its scope and extent of application is discernible from the provision itself, in unambiguous terms. The Apex Court concluded that even otherwise, the words “fails to deduct” occurring in Section 271C (1) (a) cannot be read into “failure to deposit/pay the tax deducted.”

Web11 Apr 2024 · As per Section 271C (1) (a), if any person fails to deduct the whole or any part of the tax as required under the provisions of Chapter XVII-B, then, such person shall be liable to pay a... motehill road girvanWeb10 Apr 2024 · The bench delivered its judgement while dealing with the legal question which came up for its consideration in the appeals against a judgement of the Kerala High Court which had confirmed the levy of interest/penalty under section 271C of the Income Tax Act, 1961 on failure of the respective assessees to deposit the TDS (or belated remittance ... motehrland propertiesWebScrutiny under section 143(3) of the Income Tax Act, 1961 (Act) was conducted whereby an addition in respect of interest expenditure was made. Consequently, penalty proceedings under section 271(1)(c) of the Act were initiated against the Assessee company by reason of concealment of income/ furnishing of inaccurate particulars of income. motehill road paisleyWebExplanation 4.—. For the purposes of clause ( iii) of this sub-section,—. ( a ) the amount of tax sought to be evaded shall be determined in accordance with the following formula—. A … mote holder bountyWebThe Finance Act, 2016 (FA, 2016) has, with effect from 1.4.2024, inserted section 270A in the Income-tax Act, 1961 with a view to substitute the provisions of section 271(1)(c) dealing with levy of penalty for concealment of income or furnishing of inaccurate particulars. The Finance (No. 2) Act, 2024 has amended section 270A with retrospective ... mote house maidstone historyWeb22 Mar 2024 · The Delhi High Court has ruled that a penalty order passed by the income tax authority under Section 271(1)(c) of the Income Tax Act, 1961 without granting a hearing … motehrboard doenst support bluetoothWeb7 Jul 2024 · The issue whether the limitation for imposition of penalty under sections 271D and 271E of the Income-tax Act, 1961, (hereinafter referred to as the Act) is determined … motehrboard usb interface