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Procedure for penalty

05 February 2020

whether an AO can levy penalty u/s 271B, 271(1)(c), 270 A, etc.when penalty was not mentioned in assessment order or when it was not initiated with assessment order, however it was mentioned in asst order... pls discuss in both situation. pls quote section as well

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2 Replies

rama krishnan (12239 Points)
Replied 06 February 2020

Penalty proceedings under 271 and 270A required to be initiated before completion or at the time of completion of assessment proceeding. penalty proceedings under 271B can be initiated even after completion of assessment proceeding. separate show cause notice required to be issued for penalty proceedings. however incorporating the wording "penalty proceedings under section 271 /270A/271B initiated separately " tantamount to penalty proceedings deemed to be initiated

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Monu Prajapati (45 Points)
Replied 07 February 2020

As per section 271B penalty provision for failure to get accounts audited, the penalty shall be paid after AO issue show cause notice then if he satisfies the reason you communicate then no penalty shall be paid otherwise it shall be payable