Penalty u/s 271(1)(c)
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 September 2015
whether penalty can be levied by AO u/s 271(1((c) in the following cases
1. disallowance u/s 14A
2. disallowance u/s 2(24)(x) read with sec 36(1)(va)
3. disallowance u/s 40(a)(ia)
1. disallowance u/s 14A
2. disallowance u/s 2(24)(x) read with sec 36(1)(va)
3. disallowance u/s 40(a)(ia)
19 September 2015
Yes. If it is wilful and even otherwise.
They would treat it as 'concealment of income'.
They would treat it as 'concealment of income'.
19 September 2015
Disallowance of expenditure per se will not amount to furnishing of inaccurate particulars meaning thereby penalty cannot be imposed.
Citation:- CIT Vs. Reliance Petroproducts P Ltd (2010) 322 ITR 158(SC).
Citation:- CIT Vs. Reliance Petroproducts P Ltd (2010) 322 ITR 158(SC).
19 September 2015
Income tax department has been INSTRUCTED to levy penalty u/s 271(1)(c) adn come what may, every Assessing Officer is scrupulously following the same. (By default)
We need to contest this on the grounds
01. inaccurate particulars
02. wilful
03. cooperated during the course of proceedings
We need to contest this on the grounds
01. inaccurate particulars
02. wilful
03. cooperated during the course of proceedings
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