imposition of penalty u/s 271(1)(c)

This query is : Resolved

Guest

Guest (Querist)

04 February 2009 facts of the case:
date of search: 10/10/2008
return u/s 153A is not yet filled for A.Y. 2008-09
due date of return: 30/09/2008
undisclosed income admited u/s 132(4)is Rs. 27500000/-

sir i am confused (1) whether penalty u/s 271(1)(c) will be applicable or not.
(2) whether explanation 5 to section 271(1)(c) will be applicable
(3) whether penalty will be applicable even if the assessee admited the undisclosed income u/s 132(4).
(4)whether there is any way to save my client?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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04 February 2009 Minimum penalty will sustain since mens rea is not an essential ingredient of section 271(1)(c) and there is no discretion with the authority competent to impose penalty below the prescribed minimum. Citation:-Union Of India & Ors. Vs. Dharamendra Textile Processors & Ors.(2008)219 CTR 617 (SC).

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