Penalty u/s 271(1)(c)
This query is : Resolved
28 December 2009
During the course of assessment proceedings u/s 143(3) for AY 2007-08 certain poropotion of interest paid to bank is disallowed on account of interest free advances to directors by a company. Can penalty u/s 271(1)(c) be levied on the company.
28 December 2009
There are provisions for levy of penalty on escapment of income but generally these penalties get dropped as during the scrutiny if any expenditure got disallowed by AO then it is a difference of opinion and not due to intentionally escapment of income. Based on this argument and other facts (case to case basis), if reply to be given for penalty notice, AO may drop the notice.
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
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- GST ON EXPORT COMMISSION
- Should I report my US salary for January, February, March in Schedule FA?
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
