Penalty u/s 271(1)(c)
This query is : Resolved
rajesh chanda sharma
(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
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
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Gst credit note by supplier
- Movement of goods by packers and movers - type of sale - Reg.
- Missed uploading GST Invoice
- Query on effect of registration of property
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Wrong CMPo8 file
- Gratuity paid to legal heir above 20 lakh is taxable or not
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
