Applicability of section 271(1)(c) on agricultural income


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Querist : Anonymous

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Querist : Anonymous (Querist)
20 January 2014 While completing Assessment u/s 143(3) of Income Tax Act, 1961; AO added certain portion of Agricultural Income (not disclosed in return of Income filed by Assessee u/s 139(1), but declared during the course of Assessment Proceedings) as Income from Other Sources. AO further imposed penalty u/s 271(1)(c) on such income. However is Section 271(1)(c)applicable to such Agricultural Income not declared in return of income but declared during the course of assessment proceeding?

21 January 2014 depends..there have been cases where penalty was levied...

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Querist : Anonymous

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Querist : Anonymous (Querist)
21 January 2014 Can you please suggest any case laws in favour of assessee, i.e where penalty was not levied..


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