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Panalty U/s 271(1)(c)

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Querist : Anonymous

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Querist : Anonymous (Querist)
03 February 2011 ITR for AY 04-05 flied with a loss Of Rs. 800000. Later on case picked up U/s 148 Assessee has not deposited Rs. 500000/-for sales tax, bonus payable, ESI & PF (Both contributions) for the AY 2004-05 till today. He also forget to add back the same in the above ITR. But the same was pointed out by the auditor in his report. ITO reduce the loss and assessed a balance loss of Rs. 300000/-.Now ITO initiated the panelty on grounds that assessee has furnished inaccurate particluars of income to the extent of Rs. 500000/-.
How can I save the panelty.

Regards
CA Rajesh Kumar Khandelwal
9818595050
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
03 February 2011 Try in appeal with CIT vs. Reliance Petroproducts Pvt. Ltd. (2010) 322 ITR 158(SC).
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