penalty, can it be imposed?
This query is : Resolved
22 December 2009
ASSESSEE WAS SUFFERING FROM HEART PROBLEMS.HE WAS NOT REGULARLY ATTENDING RETAIL BUSINESS.SUPERWISORS PAID THE MONEY TO SUPPLIERS AND ACCORDINGLY, SUPPLIERS UPDATED THEIR ACCOUNTS. INFORMATION WAS NOT GIVEN TO PARTTIME ACCOUNTANT ABOUT THIS AND HE COULD NOT UPDATE THE ACCOUNTS. THE ASSESSING OFFICER, FOUND HUGE DIFFERANCE AND TAXED FOR THE DIFFERANCE. IS THERE ANY CASE LAW ABOUT DROPPING OF PANALTY ON ABOVE FACTS SINCE A.O. IS NOT ACCEPTING THE REASONS GIVEN BY ASSESSEE. IT IS DROPABLE?
PLEASE SUGGEST
PLEASE SUGGEST
22 December 2009
The proprietor has signed the return.
There is one verification part in the Return of Income just above the signature.
It seems difficult to avoid penalty in such cases.
Because when he has entrusted his work to his employees; then whatever work they have done; is deemed to be carried on by him.
However; the assessee may approach Settlement Commission by making an application u/s 245C(1) by disclosing true income and paying taxes thereon.
This can be made right now when the assessment proceedings are going on.
Ca Rakhecha,Surat
There is one verification part in the Return of Income just above the signature.
It seems difficult to avoid penalty in such cases.
Because when he has entrusted his work to his employees; then whatever work they have done; is deemed to be carried on by him.
However; the assessee may approach Settlement Commission by making an application u/s 245C(1) by disclosing true income and paying taxes thereon.
This can be made right now when the assessment proceedings are going on.
Ca Rakhecha,Surat
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