08 August 2009
whether agricultural income for rate purposes shown in the return on a lesser side attract penalty u/s 271(1)(c). Whether penalty under the above section is imposable where tax sought to be evaded comes at Rs. 16000/-
08 August 2009
Section 271(1)(c) used the word 'income'. Income is defined in section 2(24) and it does not include agricultural income. Therefore, variations in the agricultural income will not lead to furnishing of inaccurate particulars of income. Hence penalty u/s 271(1)(c) will not attract.
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