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

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Querist : Anonymous

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?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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21 January 2014 depends..there have been cases where penalty was levied...

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Querist : Anonymous

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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