271(1) (c)
Raj Kumar (17 Points)
13 July 2021
Whether penalty u/s 271(1) (c) is Levi able in reassessment case u/s 271(1) (c), when returned income is accepted and no addition made.
3 Replies
debora M
(BUSINESS DEVELOPMENT MANAGER)
(1697 Points)
Replied 13 July 2021
A penalty is levied under Section 271(1)(c) of the Income Tax Act, 1961 if the assessee has concealed the particulars of his income or furnishes inaccurate particulars of income. The concerned officer must be satisfied that the assessee has either concealed his income or furnished inaccurate particulars of income
Balamurali Unnithan MS
(STUDENT)
(1631 Points)
Replied 14 July 2021
You can go for an appeal.
file For 35.
But 20% of the tax/penalty amount.
file For 35.
But 20% of the tax/penalty amount.
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 14 July 2021
Yes penalty is applicable
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