Penalty under section 271 (1) c of the Income tax Act.
This query is : Resolved
11 May 2009
Can assessing officer initiate 271 1 c penalty in a case in which assessment completed on estimated income and which is agreed by the assessee due to the comlexity in the books of accounts produced before the AO.
11 May 2009
Yes, the penalty shall be initiated in this case by AO. However It is a good case to argue that the penalty should not be levied as the assessee has co-operated to buy peace. For any further clarification, please let me know.
11 May 2009
In view of the three member bench decision of Supreme court In UOI&Ors Vs. Dharmendra Textile Processors&Ors (2008)306ITR 277(SC) 'mens rea' is not required to impose penalty. Hence the issue raised may lead to litigation.
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