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1 - 10 of 10 (0.29 seconds)Atul Kumar Deovrat & Co. vs Commissioner Of Income-Tax on 12 December, 1986
In Atul Kumar Deovrat and Co. v. CIT , the Calcutta High Court has upheld the levy of penalty under Section 271(1)(c) in respect of the claim for loss on purchase and sale of shares which was not allowed in the assessment proceedings.
Commissioner Of Income-Tax vs Prithipal Singh And Co. on 3 November, 1988
In CIT v. Prithipal Singh and Co. [1990] 183 ITR 69, the Punjab and Haryana High Court held that the income as envisaged in Section 271(1)(c) means positive income. If the loss declared has been reduced penalty under Section 271(1)(c) cannot be levied. This decision is in respect of the assessment year 1970-71, i.e., before the insertion of the above Explanation and hence cannot help the case of the assessee.
Commissioner Of Income-Tax vs India Sea Foods on 9 April, 1976
For the same reason the decisions given in CIT v. India Sea Foods , assessment year 1968-69 ; CIT v. Niranjan (C. R.)
Commissioner Of Income-Tax vs C.R. Niranjan on 14 June, 1990
For the same reason the decisions given in CIT v. India Sea Foods , assessment year 1968-69 ; CIT v. Niranjan (C. R.)
Commissioner Of Income-Tax vs Jaora Oil Mill on 27 October, 1980
[1991] 187 ITR 280 (Mad), assessment year 1969-70 ; CIT v. Jaora Oil Mill , assessment year 1968-69, are not applicable.
Commissioner Of Income Tax, Madras vs M/S. Khoday Eswarsa & Sons on 22 September, 1971
8. Reliance was placed on the decision given in the case of CIT v. Khoday Eswaraa and Sons , where the Supreme Court has observed that no doubt the original assessment proceedings for computing the tax may be a good item of evidence in the penalty proceedings ; but penalty cannot be levied solely on the basis of the reasons given in the original order of assessment. So far as this contention is concerned we feel that the evidence which is recorded in the assessment proceedings by itself will not be a conclusive evidence and the assessee is free to dispute the same in the penalty proceedings if it affects the liability for penalty or the quantum thereof. In the present case, the dispute was raised that the notice which was issued under Section 148 has not given 30 clear days. This plea has become only academic now because the provisions have been amended retrospectively. Therefore no relief in that behalf can be granted to the assessee.
Section 4 in The Income Tax Act, 1961 [Entire Act]
Commissioner Of Income Tax (Central) ... vs Harprasad & Co. (P) Ltd on 25 February, 1975
5. Earlier the penalty was with reference to the actual concealed income or tax thereon. The word "income" has been defined under Section 2(24) of the Act which is an inclusive definition. Section 4 is the charging section which creates the liability of tax on total income. The word "income" includes loss also (CIT v. Harprasad and Co. P. Ltd. ).
Section 256 in The Income Tax Act, 1961 [Entire Act]
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