Penalty u/s 271 (1) (c)

This query is : Resolved

Shruti Mishra (Querist)
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11 December 2012 The assessing officer, appeal & ITAT i.e at all levels, income u/s 68 has been added to the declared income of the assesee..

this is done without appreciating & considering the facts of the case..

A notice u/s 143 (3) also has been issued for reassesment..

Penalty u/s 271 (1) (c) has been levied. is the contention of the A.O correct in imposing liabilty... ??

If NO , then can u provide some case laws which stand by the same...

Soumitra Basu

Soumitra Basu (Expert)
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12 December 2012 there are lot of case laws in this respect. the ratio of supreme court in Reliance Petro Product is relevant.

Shruti Mishra

Shruti Mishra (Querist)
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13 December 2012 The case stands good... but here the judgement wrt concealment of income given by ITAT is not favorable.. they havent considered the submissions made in the client's support.

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Soumitra Basu

Soumitra Basu (Expert)
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13 December 2012 YOU CAN TAKE THE PLEA THAT THERE CANNOT BE ANY PENALTY FOR DEEMED INCOME. THE ASSESSEE HAS NOT FILED ANY INACCURATE PARTICULARS AND NO AMOUNT HAS BEEN CONCEALED.