Penalty u/s 271(1)(c)

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

10 February 2011 Is Assistant Commissioner has a power to not charged penalty U/s 271 (1)(c)and demand only Tax and interest amount?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

10 February 2011 Assistant commissioner will issue a show cause notice why penalty u/s 271(1)(c) should not be levied to which the assessee has to file a reply with reasons, followed by a personal hearing upon request. If the AC is satisfied with the reply, he can drop the proposed penalty proceedings.

Message likes : 1 times

Guest

Guest (Expert)

10 February 2011 Any Assessing Officer has discretionery power not to initiate penalty proceeding if is satisfied.

Upgrade to CAclubindia Pro. Subscribe Now!