Imposition of penalty u/s 271(1)(c) of income tax act
This query is : Resolved
22 April 2014
Respected experts,
My query is related to levy of penalty u/s 271(1)(c)of Income tax act,1961.According to this section penalty ,minimum 100% of tax evaded maximum to the extent of 300% of tax evaded,will be levied if a person concealed his income or furnished inaccurate particulars of his income.
But when in assessment proceedings some of the addition has been made on estimated basis on account of dis allowance of some expenses or due to trading addition whether there is the case of levy of penalty u/s 271(1)(c)or no penalty will levied because addition have been made on estimated basis.
Thanks with regards
My query is related to levy of penalty u/s 271(1)(c)of Income tax act,1961.According to this section penalty ,minimum 100% of tax evaded maximum to the extent of 300% of tax evaded,will be levied if a person concealed his income or furnished inaccurate particulars of his income.
But when in assessment proceedings some of the addition has been made on estimated basis on account of dis allowance of some expenses or due to trading addition whether there is the case of levy of penalty u/s 271(1)(c)or no penalty will levied because addition have been made on estimated basis.
Thanks with regards
22 April 2014
hello ullas ,
though the additions have been made on estimated basis , still if the person is proven to be guilty for concealing particulars of income then inspite of that he would be liable under sec 271(1)(C) ...
though the additions have been made on estimated basis , still if the person is proven to be guilty for concealing particulars of income then inspite of that he would be liable under sec 271(1)(C) ...
22 April 2014
Sir my mean to say that is there any case laws where no penalty can be levied if dis allowance have been made on estimated basis.
22 April 2014
if you can please go through taxxmann site where you can find ample case laws on 271(1)(c)...
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