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271 1 c Penalty

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(Querist)
11 May 2009 Can assessing officer initiate 271 1 c penalty in a case in which assessment completed on estimated income and which is agreed by the assessee due to the comlexity in the books of accounts produced before the AO.
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CA Tilak Raj Sharma

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CA Tilak Raj Sharma (Expert)
11 May 2009 AO can initiate penalty u/s 271(1)(C) if the assessee has consealed the particulars of his income or furnish inaccurate particulars of such income.

Complexity in the books of accounts does not mean consealment of income or furnishing inaccurate books.
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CA KRISHNAKUMAR FCA

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CA KRISHNAKUMAR FCA (Querist)
15 May 2009 Is there any decision against penalty imposed on estimated income.
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