CONCEALMENT OF INCOME (NSC INTEREST NOT SHOWN).
This query is : Resolved
18 October 2009
NSC INTEREST NOT DISCLOSED IN COMPUTATION OF TOTAL INCOME SO AS PER THE INCOME TAX ACT, 1961 UNDER SECTION 271(1)(C) CONCEALMENT IN POSSIBLE.
PLEASE REQUIRED THE CASE LAWS IN WORD FILE OR PDF ALONG WITH THE CITATION.
PLEASE DO THE NEEDFUL.
THANKING YOU ALL EXPERTS IN ADVANCE.
PLEASE REQUIRED THE CASE LAWS IN WORD FILE OR PDF ALONG WITH THE CITATION.
PLEASE DO THE NEEDFUL.
THANKING YOU ALL EXPERTS IN ADVANCE.
18 October 2009
Have u claimed that interest on NSC as a deduction u/s 80C ?
If u have not , then i guess its a bonafide mistake , u can explain to the revenue that there would have been no difference even if u included that in yr income cos it would be claimed as a deduction u/s 80C ( provided your limit of 1 lakh is not exhausted )
So it was a bonafide mistake and there was no intention to conceal or provide inaccurate particulars of income .
If u have claimed it in 80C then i guess its an issue and probably u have to pay up the penalty cos i believe that would definitely go as concealment .
there are more than 10000 case laws on 271(1)(c) , i am not sure what specificially relates to your case .
If u have not , then i guess its a bonafide mistake , u can explain to the revenue that there would have been no difference even if u included that in yr income cos it would be claimed as a deduction u/s 80C ( provided your limit of 1 lakh is not exhausted )
So it was a bonafide mistake and there was no intention to conceal or provide inaccurate particulars of income .
If u have claimed it in 80C then i guess its an issue and probably u have to pay up the penalty cos i believe that would definitely go as concealment .
there are more than 10000 case laws on 271(1)(c) , i am not sure what specificially relates to your case .
18 October 2009
Agree with Rajeev
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