271(1)(c)
This query is : Resolved
05 March 2014
On the basis of the information available with I T Dept. case of an assessee has been reopened and At the time of assessment proceedings some undisclosed income of an assessee has been found by AO however against that Income, there were TDS. After an addition of undisclosed income, though returned income has been increase but after giving the credit of TDS untimately tax payable is NIL. Now My quarry is : Can penalty u/s. 271(1)(C) can be imposed? since tax sought to be evaded is NIL.
please also provide case law wherein tax payable is nil so no 271(1)(c) is initiated
urgent
please also provide case law wherein tax payable is nil so no 271(1)(c) is initiated
urgent
05 March 2014
271(1)(c) is not based tax payable. it is based whether or not income was offered to tax, which you have not.
05 March 2014
i have received notice u/s 271(1)(c)
05 March 2014
well I believe it has rightly issued.
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