Penalty impossed by a.o

This query is : Resolved

Soni Jeswani (Querist)
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27 February 2014 IN CALCULATING COMPUTATION OF TOTAL INCOME ASSESSEE HAD NOT CONSIDER INTEREST ON SAVINGS BANK ACCOUNT, BY MISTAKEN.. NOW IT IS DEMAND RAISED FROM ASSESSING OFFICER ON ACCOUNT OF CONCEALMENT INCOME?

PLZ SUGGEST ANY CASE LAW WHERE THIS TYPE OF PENALTY IS RAISED AND PENALTY IS CANCELLED??

OR THERE IS ANY OTHER WAY OF CANCELLING PENALTY?????

Nikhil Kaushik

Nikhil Kaushik (Expert)
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27 February 2014 well penalty is not mandatory. if there was any bonafide reason to establish that there was no attempt to conceal income, penalty proceedings can be dropped.

please refer this article for detailed analysis of cases for penalty on concealment of income

https://www.caclubindia.com/articles/section-271-1-c-of-the-income-tax-act-1961-11534.asp#.Uw9ZQ863vh4

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