06 January 2018
my client filed his Tax return for a.y 2010-11 for the first time in response to notice u/s 148 during 2017. the case was assessed u/s 147/143(3) in 2017 at returned income. my question is whether penalties are leviable under both section or not? my stand is 271 F yes 271(1)(c) no since there is no change in returned or assessed income
06 January 2018
Assessing officer will levy penalty under both sections. 271F will prevail but can escape from 271(1)(c) in appeal if it can be proved that non filing of return till the receipt of 148 was not deliberate.
06 January 2018
If the income for the A.Y. 2010-11 exceeded the basic exemption limit for that particular year and still the return was not filed then that is considered as income escaping assessment as per Section 147.
In that case penalty U/S 271 (1) (c) shall be leviable as it would be considered as concealment of particulars of income.
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