panelty 271(1) (c)
This query is : Resolved
14 January 2011
hii,
In one of our case tds on interest of unsecured loan has not been paid for f/y 08-09. the assesing officer has disallowed that expenditure and levied panelty 271(1)(c)......but as per my view its not any concealment....we are ready for disllalowance of tat expenditure...but wat about penalty ??
is this be levied ?? plz give me any favorable cas law if there any....
thanz in advance
In one of our case tds on interest of unsecured loan has not been paid for f/y 08-09. the assesing officer has disallowed that expenditure and levied panelty 271(1)(c)......but as per my view its not any concealment....we are ready for disllalowance of tat expenditure...but wat about penalty ??
is this be levied ?? plz give me any favorable cas law if there any....
thanz in advance
16 January 2011
THe fact was known to you that without paying the TDS, expenditure is not allowed under income tax. Do you have any bon fide explanation that , why the matter was not disclosed in return.
If No, sec 271(1)(c) will apply in your case.
If No, sec 271(1)(c) will apply in your case.
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