Peanlty 271(1)(c)

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 June 2011 I have invested some money in Mutal fund from my friend's bank account in my name, latter on the case come under scrutiny and in the mean time my friend has left India and whereabout was not available to me.During the proccedings I offered the amount for taxation and paid entire tax on the same.
The question is now the AO has imposed the penalty u/s 271(1)(C) for concealment. Whereas I have not concealed anything but to end the litigation I offered the amount for taxation.I am prefering appeal please provide certain case laws that can support my case.
Thanks

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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19 June 2011 First of all you should not have done the same. At the time of hearing you should have given the account number of your friend, PAN number of your friend. I think against the assessment order passed u/s 143(3) you must have filed an appeal. If yes, no penalty can be levied till the appeal is disposed.

It seems that you have not filed any appeal against the original order. Now, you file the appeal before CIT (Appeals)against the Penalty order and take a good C.A. to argue your case.

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