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2 results for “penalty u/s 271”+ Section 226(3)clear

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Key Topics

Section 1482Section 115Q2Deduction2Addition to Income2

GENPACT INDIA PRIVATE LIMITED vs. DEPUTY COMMISSIONER OF INCOME TAX

C.A. No.-008945-008945 - 2019Supreme Court22 Nov 2019

Bench: HON'BLE THE CHIEF JUSTICE

Section 115QSection 143(2)Section 77A

u/s 46A in the hands of shareholders. However, taking the benefit of Article 13 of India-Mauritius DTAA, which provides for capital gain arising on transfer of shares of Mauritius resident taxable in that country and under Mauritius tax laws capital gain is totally exempt, entire transaction used to escape the tax net. Thus to plug this loop hole

KOTAK MAHINDRA BANK LIMITED vs. COMMISSIONER OF INCOME TAX BANGALORE

The appeal is allowed

C.A. No.-009720-009720 - 2014Supreme Court25 Sept 2023

Bench: HON'BLE MRS. JUSTICE B.V. NAGARATHNA

Section 10(15)Section 148Section 245CSection 245C(1)Section 271Section 32Section 80M

u/s 271(1)(c) was levied by the Assessing Officer for AY 1997-98 in respect of non disclosure of lease rental as income. The penalty order is annulled considering that the non disclosure was on account of RBI guidelines and the 32 subsequent disclosure of additional income of lease income before the Settlement Commission when the applicant realized