Penalty for concealment in case of survey nad 132(4) equally
This query is : Open
13 January 2011
there was survey conducted at the hospital (assessee is a company- a hospital).
Director voluntary disclosed 50 lakhs.
and the same is declared by assessee in income side of p/l. and the same is set off against the huge losses. as a result there is no tax as there is no profit.
But A.O. initiated Penalty proceedings against assessee.
Please give reference of case laws to avoid penalty.
I proud the our CA club experts.
Director voluntary disclosed 50 lakhs.
and the same is declared by assessee in income side of p/l. and the same is set off against the huge losses. as a result there is no tax as there is no profit.
But A.O. initiated Penalty proceedings against assessee.
Please give reference of case laws to avoid penalty.
I proud the our CA club experts.
13 January 2011
there was survey conducted at the hospital (assessee is a company- a hospital).
Director voluntary disclosed 50 lakhs.
and the same is declared by assessee in income side of p/l. and the same is set off against the huge losses. as a result there is no tax as there is no profit.
But A.O. initiated Penalty proceedings against assessee.
Please give reference of case laws to avoid penalty.
I proud the our CA club experts.
Director voluntary disclosed 50 lakhs.
and the same is declared by assessee in income side of p/l. and the same is set off against the huge losses. as a result there is no tax as there is no profit.
But A.O. initiated Penalty proceedings against assessee.
Please give reference of case laws to avoid penalty.
I proud the our CA club experts.
Guest
Guest
(Expert)
14 January 2011
Please confirm whether the penalty proceeding u/s 271(1)(c)was initiated for the disclosure of Rs. 50.00 Lakhs only or there are other additions and issues also?
14 January 2011
penalty is initiated on Rs 50 lacs only!
Guest
Guest
(Expert)
14 January 2011
No, no penalty can be levied u/s 271(1)(c) for the ncome disclosed in the return of income and it does not make any difference that this disclosure was in consequent a survey proceeding.
15 January 2011
I agrre!
But please quote cases for reference
But please quote cases for reference
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