penalty u/s 271 (1) c
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 January 2011
Can penalty be levied u/s 271 (1) c in case earlier loss is disallowed at the time of assessment to the extent of set off taken in next year. Example 2006-07 loss was 15 lacs. setoff was taken against income of 16 lacs in 2007-08. 2006-07 loss now has been disallowed and penalty u/s 271 1 c has been levied. Whether the same is proper Pls give any case laws if possible
13 January 2011
Application of 271 (1) (c) is correct in this case.
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