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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
OR add as source on Google news
- Acquisition of a society by a company
- EPF withdrawal before 5 years and Disclosure in ITR-2
- HRA in ITR 2 FY 2024-25
- Clarification on ITR 3: Is Sl. No. 64 required for 44ADA income?
- 2.25 CRORE TRADER, NO CASH TRANSACTIONS,3CD APPLICABLE?
- FORM 115BAC
- Transfer of immovable property without consideration
- ITC Utilization on vehicle repair
- Transfer of partnership interest in LLP
- Investment guidance for NRI
- Updation Required
- Tax invoice in special case
- GST OFFICER WRONG NOTICE
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Composition Dealer GST Annual Return Filing process
- GST on Restaurant service
- Revision under Section 264 in The Income Tax Act, 1961
- TDS under section 195.
- Filing GST Returns after death of proprietor
- Registered Required in GST Act
Trending Online Classes
-
Input Tax Credit, GST refunds and Recovery of refunds- Roadblocks and way outs
CA Nipun Arora03 September 2025 -
GST LIVE Certification Course - 43rd Weekdays Batch(With Govt Certificate)
Industry Expert15 September 2025
OR add as source on Google news
CAclubindia
