18 June 2011
In case of a company whose total income is exempt u/s. 80IA and if certain expenditure in relation to such income is disalloweed, then whether such expenditure disallowed be attracted by the penalty u/s. 271(1)(c).
A quick reply in this regard will be fervently solicited.
18 June 2011
In my opinion, only dis allowance of expenditure does not attract penalty proceedings U/s 271 (1)(c).
The penalty u/s 271 (1)(c) will be attracted only in case of concealment of income or in case of inappropriate or wrong or false disclosures of any information or income.
Mere dis allowance off expenditure shall not attract section 271 (1)(c).
CAclubindia
