penalty u/s 271 (1) (c)
This query is : Resolved
VIKAS GARG
(Querist)
29 December 2009
assesseee has charges the excess depreciation for full year instead of half year. at the time of procedding AO find the mistake and add/back to income .now these attract the penlaty u/s 271(1) (c)
29 December 2009
Charging more depreciation amounts to furnish inaccurate particulars of income; hence penalty can be levied.
Murtaza I Bhagat
(Expert)
29 December 2009
agree.Excess Depriciation is subject to additional of income and penalty leived.
Heera Nahariya
(Expert)
30 December 2009
As per amended section 143(1) A.O. is required to adjust all inconsistancy, ommissions, arithmatical errors etc. while processing the return. Hence no penalty is to be imposed.
Further if your accounts are audited by a chartered accoutant then it is the absolute duty of the C.A. to calculate the Depreciation correctly.
Further if your accounts are audited by a chartered accoutant then it is the absolute duty of the C.A. to calculate the Depreciation correctly.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GST on reimbursement of expenses
- Query on effect of registration of property
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Visiting card purchase
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Equity Share Sale and Purchase
- Additional trade name
- Number of years as per AS amortisation of Goodwill
- Whether output tax is taken credit by purchaser
- Wrong CMPo8 file
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
