Cases where tolerance margin of 25 per cent is exceeded because of disallowance of disputed tax liability - Whether penalty imposable for concealment of wealth
📋
Contents
Cases Cited
Referred In
Notifications
Circulars
Forms
Manuals
Acts
Rules & Regulations
Case Laws New
Ref Provisions New
Plus +
Source NTF
Summary
Similar
Note
Bookmark
Share
✓ Copied successfully !
Print
Print Options
For full text, please login
Login to TaxTMI
Verification Pending
The Email Id has not been verified. Click on the link we have sent on
Concealment of wealth: penalty not imposed where understatement stems from disallowed disputed tax claimed to enable rectification. Where understatement of net wealth results from disallowance of disputed tax claims that were included in returns to enable later rectification, taxpayers are regarded as having discharged the onus of proving absence of fraud or gross or wilful neglect, and penalty under section 18(1)(c) should not be levied.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Concealment of wealth: penalty not imposed where understatement stems from disallowed disputed tax claimed to enable rectification.
Where understatement of net wealth results from disallowance of disputed tax claims that were included in returns to enable later rectification, taxpayers are regarded as having discharged the onus of proving absence of fraud or gross or wilful neglect, and penalty under section 18(1)(c) should not be levied.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.