26 January 2014
(1) Assessment Year 2011-12 (2) Assessment completed under Section 143(3) of the Act. (3) Assessee was assessed as Representative Assessee (Section 160 of the Act)for Capital Gain Income of her Majour Daughter who is NRI and the Property was sold in India by her Mother (the assessee)through a Special Power of Attorney executed by her Daughter. (4) The Representative Assessee (mother) is ready to pay Tax on the said capital Gain. (5) But what about Penalty under Section 271(1)(c) of the Act. (6) Whether the Representative Assessee is liable to pay Penalty also. (7) Section 161 of the Act, speaks for "TAX" only and not about any "PENLTY". (8) Also, Tax does not includes the Penalty but includes Interest only. Please reply with Case Laws.
With Thanks CA. LAKSHMISH KANT 9268829820 ishassociates@gmail.com
15 February 2014
Dear sir , As per records , the penalty will not be imposed on representative assessee but it should be imposed on the assessee itself ..... So in ur case if the penalty is arising then it should be imposed on assessee but not on representative assessee .....
CAclubindia
