22 April 2014
Respected experts, My query is related to levy of penalty u/s 271(1)(c)of Income tax act,1961.According to this section penalty ,minimum 100% of tax evaded maximum to the extent of 300% of tax evaded,will be levied if a person concealed his income or furnished inaccurate particulars of his income. But when in assessment proceedings some of the addition has been made on estimated basis on account of dis allowance of some expenses or due to trading addition whether there is the case of levy of penalty u/s 271(1)(c)or no penalty will levied because addition have been made on estimated basis.
though the additions have been made on estimated basis , still if the person is proven to be guilty for concealing particulars of income then inspite of that he would be liable under sec 271(1)(C) ...
CAclubindia
