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Penalty u/s 271(1)(c)

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(Querist)
12 July 2012 Dear Sir
In Scrutiny assessment the AO rejected Books of Account and assess income on 5% and added Rs 6 lacs in profit,now the A.O. is proposing penalty U/S 271(1)(c)on addition.

Kindly guide what should i do

RC Sharma
Siddharthnagar
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Kaushal Jha

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Kaushal Jha (Expert)
12 July 2012 Penalty u/s 271(1)(c) can be levied if there is either concealment of income or furnishing of inaccurate particulars. Apparently it appears penalty would be levied given the fact that books were rejected and assessment was completed u/s 144. However, in absence of full facts and assessment order specific answer cannot be given.
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