Penalty u/s 271 (1) (c)
This query is : Open
12 February 2013
Dear Expert,
An assessee sold plot of land and not offered the same to tax at the time of filing his Return of Income, later he received notice for assessment U/s 143(3). In assessment proceedings A.O. added Capital Gain Income into his total income and assessed accordingly. Due to that addition there was additional tax liability, which assessee paid after assessment proceedings. Now AO issused notice under Sec 274 read with 271(1)(C) to levy penalty u/s 271(1)(c). What is the way out to avoid penalty or at least reduce it to minimum.
An assessee sold plot of land and not offered the same to tax at the time of filing his Return of Income, later he received notice for assessment U/s 143(3). In assessment proceedings A.O. added Capital Gain Income into his total income and assessed accordingly. Due to that addition there was additional tax liability, which assessee paid after assessment proceedings. Now AO issused notice under Sec 274 read with 271(1)(C) to levy penalty u/s 271(1)(c). What is the way out to avoid penalty or at least reduce it to minimum.
13 February 2013
Depending upon the merit of case and past history of assessee his (of A.O.)senior can waive off the penalty.
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