Imposition of penalty u/s 271(1)(c) of income tax act

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ullas vijayvargeeya (Querist)
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22 April 2014 Respected experts,
My query is related to levy of penalty u/s 271(1)(c)of Income tax act,1961.According to this section penalty ,minimum 100% of tax evaded maximum to the extent of 300% of tax evaded,will be levied if a person concealed his income or furnished inaccurate particulars of his income.
But when in assessment proceedings some of the addition has been made on estimated basis on account of dis allowance of some expenses or due to trading addition whether there is the case of levy of penalty u/s 271(1)(c)or no penalty will levied because addition have been made on estimated basis.

Thanks with regards

V Uday Kiran

V Uday Kiran (Expert)
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22 April 2014 hello ullas ,

though the additions have been made on estimated basis , still if the person is proven to be guilty for concealing particulars of income then inspite of that he would be liable under sec 271(1)(C) ...

ullas vijayvargeeya

ullas vijayvargeeya (Querist)
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22 April 2014 Sir my mean to say that is there any case laws where no penalty can be levied if dis allowance have been made on estimated basis.

V Uday Kiran

V Uday Kiran (Expert)
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22 April 2014 if you can please go through taxxmann site where you can find ample case laws on 271(1)(c)...

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