Thursday, February 16, 2012

SECTION 271(1)(c):


  • The Delhi ITAT has held that CA's opinion does not necessarily make claim "bona fide" and penalty can be levied u/s 271(1)(c)
  • The Hyderabad ITAT has held that despite Surrender After Detection, Penalty Can be Waived u/s 271 (1) (c)
  • The Delhi ITAT has held that Long-term & short- term gains from PMS transactions are taxable as business profits.
  • The Bangalore ITAT has held that gains arising from "business assets" (fixed assets used for business) are not eligible for set-off against brought forward business loss u/s 72.
  • The Gujarat High Court has held that deduction u/s 80-IB (10) for "Housing Project" is eligible even if Developer is not "owner" of land.

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