Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India :: due date for vat payment :: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: cpt :: form 3cd :: VAT RATES :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: empanelment :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
From the Courts »
 Pr. Commissioner Of Income Tax - 6 Vs. M/s. Mohan Export India Private Limited
 Principal Commissioner Of Income Tax-7 Vs. Oriental International Co. Pvt. Ltd.
 Pr. Commissioner Of Income Tax-2 Vs. British Motor Car Co.(1934) Ltd
  Vidyadayani Shiksha Samiti vs. CIT (ITAT Delhi)
 Halcrow Consulting India Pvt. Ltd vs. DCIT (ITAT Delhi)
 ACIT vs. TRN Energy Pvt. Ltd (ITAT Delhi)
 Aditya Chemicals Ltd vs. ITO (ITAT Delhi)
 Gayatri Aggarwal Vs. Income Tax Commissioner & Ors.
 Paradigm Geophysical Pvt. Ltd. Vs. Commissioner Of Income Tax (International Taxation)-3, New Delhi
 Download Companies (Amendment) Act, 2017
 Pr CIT vs. Verizon India Pvt. Ltd (Delhi High Court)

CIT vs. Nalin P. Shah (HUF) (Bombay High Court)
July, 09th 2013

No s. 271(1)(c) penalty even for unsustainable/ non-debatable claims if there is disclosure in the return

Though the income from the transfer of units of a mutual fund is exempt u/s 10(33), the assessee claimed a deduction for the loss of Rs. 3.08 crores suffered by him on transfer of US 64 units. The AO disallowed the loss on the ground that the exemption in s. 10(33) applied to a loss as well and imposed penalty u/s 271(1)(c). The CIT(A) confirmed the penalty. On appeal by the assessee, the Tribunal allowed the appeal on the ground that as the assessee had disclosed the details with the return, he had not filed inaccurate particulars of his income and that the making of a wrong claim / incorrect claim did not attract penalty u/s 271(1)(c). On appeal by the department to the High Court, HELD dismissing the appeal:

As the assessee had disclosed all details in the return of income, at the highest it can be said that the claim of the assessee was not sustainable in law. But as there was no furnishing of inaccurate particulars or concealment of income on the part of the assessee. penalty u/s 271(1)(c) could not be levied (Reliance Petroproducts 322 ITR 158 (SC) referred).

 

 

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Portfolio

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions