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?
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.
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Guest
Guest
(Expert)
10 February 2011
Any Assessing Officer has discretionery power not to initiate penalty proceeding if is satisfied.
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