Income tax
This query is : Resolved
09 January 2016
If gross turnover shown below 1 cr. while actually its over 1 cr. no books of account maintained. if during assessment proceedings it is caught that actual turnover was above 1 cr. will the assessee be liable for penalty under section 271A and 271B. please clarify.
09 January 2016
271A, 271B and 271(1)(c) can be initiated.
However, in Surajmal Parshuram Todi Vs. CIT (1996) 222 ITR 691(Gau), the court said if 271A is levied 271B can't be levied.
However, in Surajmal Parshuram Todi Vs. CIT (1996) 222 ITR 691(Gau), the court said if 271A is levied 271B can't be levied.
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