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Case Studies - Penalty Section 271(1)(c)

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Anushree (Querist)
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02 January 2010 Please give me details of Case Studies relating to Penalty imposed U/s 271(1)(c) for following facts :

The fact is that the Assessing Officer has imposed Penalty U/s 271(1)(c) on assessee for concealing particulars of income. Assessee offered income @ 8% on estimation basis on total Gross Receipts.

Please supply decided Case Laws regarding the same issue.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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02 January 2010 Offering income @ 8% of gross receipts is restricted under section 44AD in relation to civil construction. However for such type of business and for others as well penalty under section 271(1)(c) cannot be sustained wherein there is nothing on record to substantiate that there was failure on the part of the assessee to return correct income due to fraud, or willful neglect or furnishing inaccurate particulars of income vide the decision in CIT Vs. Iqbal Singh & Co (2009) 180 Taxman 366 (P&H).

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