Hello,
What is the time limit for leving penalty of concealment u/s 271(1)(c)? Can concelment penalty be levied now for income concealed in the year 1996?
U S Sharma
(glidor@gmail.com)
(21056 Points)
Replied 15 September 2012
on what ground/fact, the department is able to trace and tax such concealment? put details then only discussion can be continued.
yashsr
(CA)
(2285 Points)
Replied 15 September 2012
My question just relates to time limit. What is the time limit upto which Dept can levy concealment penalty u/s 271(1)(c)?
U S Sharma
(glidor@gmail.com)
(21056 Points)
Replied 15 September 2012
but as the department does not have data older than 10 years, how did they tracked the fact?
if the facts are established then they can go back to any time frame, and if needed they can seek permission of finance ministry to book the case, depending on the merits of the revenue.
yashsr
(CA)
(2285 Points)
Replied 15 September 2012
Check /forum/fake-purchase-bill-in-1996-220248.asp#.UFQ6T66fazU
The statement was iven to Sales Tax Authorites who have now forwarded it to Income Tax Department since they're under the obligation from RTI Act.
U S Sharma
(glidor@gmail.com)
(21056 Points)
Replied 15 September 2012
| Originally posted by : yashsr | ||
 |
Check /forum/fake-purchase-bill-in-1996-220248.asp#.UFQ6T66fazU The statement was iven to Sales Tax Authorites who have now forwarded it to Income Tax Department since they're under the obligation from RTI Act. |
 |
if you have prob in posting here, then mail the facts, or get in touch with some good CA of your area, but what the hell sales tax authority is doing with 1996 bills ? as the 1996 case gone shut down in 2000, and appeals even got closed by 2002,
sales tax department has more miserable record keeping than incometax, ................after the assessment they keep the files in dustbin direct. and file the demand notice in their runing file :)
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