Provisions of levy of penalty u/s 271(1)(c) of the Income Tax Act

Last updated: 15 October 2021

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This judgement concerns a penalty imposed under Section 271(1)(c) of the Income Tax Act for alleged concealment of income or furnishing inaccurate particulars. The assessee argued that the additions made were due to clerical errors and bonafide mistakes, not intentional concealment. The Tribunal found that all relevant details were disclosed and the errors were inadvertent, leading to the appeal being allowed.

Court :
ITAT Chandigarh

Brief :
The present appeal has been preferred by the assessee against the order of the Learned Commissioner of Income Tax (Appeals) -2, Chandigarh [ ( in short the ‘Ld. CIT(A) ] dated 10.01.2018 relating to assessment year 2013-14, passed u/s 250(6) of the of the Income Tax Act , 1961.

Citation :
ITA No.347/Chd/2018

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Attached File : 1442821_4550_1633597429_347_18_core_metal_krafts_ltd_chd.pdf

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Judgement posted by

Poojitha Raam Vinay

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I simplify complex income tax, TDS, banking, and investment updates into practical insights for taxpayers, salaried professionals, pensioners, and senior citizens. I regularly write on ITR filing, tax compliance, savings schemes, and the latest financial rule changes in India.

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