income tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

09 January 2011 during assessment proceedings i have surrendered an amt of rs 150000/=(being short term capital gains)AS PER SEC 50C OF THE I.T.ACT1961.And the learned A.C.I.T has initiated penalty proceedings u/s271(1)(c) of the i.t.act1961.The assessee neither concealed any income nor filed any inaccurate particulars of the same.please tell me any case lawto withdraw the penalty proceedings initiated againest the assessee.

Guest

Guest (Expert)

16 January 2011 Ld. ACIT is correct in initiating the penalty proceeding but for the defence, there can not be straight formula. However, all the facts of case may help you to defend the proceeding.