Notice u/s 271(c)

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 August 2015 During Assessment Proceedings My Client has surrendered his Income of Wrong Claim u/s 54 of Capital Gain and has submitted recomputation of Income as required by AO, Assessment has been Completed on the basis of Surrendered Income, all Taxes demanded has been accepted and Paid, Now Notice Under Section 271(c) has been received,Pl advise me Whether Application for Waiver of Penality may be Filed, If any Case Laws is there?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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20 August 2015 You have to necessarily file a detailed reply to the notice seeking to drop the proposed penalty proceedings.

All wrong claims need not attract penalty. Can refer CIT Vs. Reliance Petroproducts (Pvt) Ltd (2010) 322 ITR 158 (SC).

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