10 January 2019
Sir, Order is completed under section 144 for the asstt year 2011-2012, and ITO have also initiated penalty under section 271(1)(c) of the Act My question is whether ITO is right to initiate the penalty under section 271(1)(c) when order is complted under section 144 of the income tax act
10 January 2019
ITOs often do that. You should not worry at all. There are several cases in your favour wherein it has been ruled that 271(1)(c) cannot be levied if assessment is under 144.
10 January 2019
refer to this case law (there are many other cases that have been referred to therein) https://abcaus.in/income-tax/penalty-2711c-income-estimated-us-144-books-accounts-not-produced-deleted.html
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