HC lay down principles for levying penalty u/s 271(1)(c)

HC lay down principles for levying penalty u/s 271(1)(c)

Added In Income Tax Case Laws

In the case of  CIT Vs. Manjunatha Cotton and Ginning Factory, Karnataka High Court has laid down the following Principles for levy of penalty Under section 271(1)(c) of the Income Tax Act, 1961 :- (a) Penalty under Section 271(l)(c) is a civil liability. (b) Mens rea is not an essential element for imposing penalty for [...]

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HC upholds long term capital gain exemption prior to set off of long term capital loss

HC upholds long term capital gain exemption prior to set off of long term capital loss

Added In Income Tax Case Laws

Issue- Whether while computing the capital gain, exemption available under the head Capital Gain should be given effect and then only the provisions for set off and carry forward of losses should be applied under the Act? Facts :- It is seen from the facts narrated that the assessee herein made a long term capital [..

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