Transaction value and connected person treatment in excise valuation: proprietary concerns not inter connected undertakings, relief on valuation and c...
Appointment of Registrars as adjudicating officers under Companies Act reallocates territorial jurisdiction and sets appeal route to Regional Director...
Composite supply of drilling services and site specific chemicals characterised as composite supply; prior advance rulings set aside, tax rate left op...
Cross country pipeline classification and ITC entitlement: pipelines outside factory treated as immovable, ITC disallowed under Section 17 restriction...
Page of 4809
Press 'Enter' after typing page number.
6181 to 6200 of 96177 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
Penalty under 271(1)(c) was held unsustainable where the...
Reasonable Cause for Late Return: penalty under section 271(1)(c) unsustainable where disclosure, audit filing and voluntary offer showed no concealment.
Contents
Summary
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
Penalty under 271(1)(c) was held unsustainable where the assessee filed the tax audit and disclosed financial statements timely, offered the entire income voluntarily after a section 148 notice which was accepted without additions, and discharged tax liability before completion of assessment; these facts supported negligence or inadvertence rather than an intent to conceal, so reasonable cause for non-filing under section 139(1) was established and the deeming fiction in Explanation 3 could not be invoked mechanically. Penalty initiation lacked linkage to any specific concealment or inaccurate particular.
Penalty under 271(1)(c) was held unsustainable where the assessee filed the tax audit and disclosed financial statements timely, offered the entire income voluntarily after a section 148 notice which was accepted without additions, and discharged tax liability before completion of assessment; these facts supported negligence or inadvertence rather than an intent to conceal, so reasonable cause for non-filing under section 139(1) was established and the deeming fiction in Explanation 3 could not be invoked mechanically. Penalty initiation lacked linkage to any specific concealment or inaccurate particular.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4809 
Join Channel 
