Penalty u/s 271(1)(c)
This query is : Resolved
10 October 2013
I had voluntarily surrender the expenses of Rs 300,000. Is penalty u/s 271(1)(C) to be imposed on me ??
Nikhil Kaushik
(Expert)
10 October 2013
there are both positive and negative case laws on this issue. You may refer to Pune ITAT judgment in the case of employees of Tetra Pak India Limited.
https://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/taxnewsflash/Documents/india-march7-2013no2.pdf
On other other hand, if there is no bonafide explanation provided, penalty may be levied: K.P. Madhusudhanan Vs. CIT (2001) 251 ITR 99 (Supreme Court), and Mr. Jai Inder Singh, V/s. Income-tax Officer, W ard 2423/1, Surekha Building, 28 (1), Room no. 213, G.B. Road,Delhi-6 Drum Shape Building, New Delhi
Thus the important point to consider is that the assessee should be able to provide reason amending expense claim etc
https://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/taxnewsflash/Documents/india-march7-2013no2.pdf
On other other hand, if there is no bonafide explanation provided, penalty may be levied: K.P. Madhusudhanan Vs. CIT (2001) 251 ITR 99 (Supreme Court), and Mr. Jai Inder Singh, V/s. Income-tax Officer, W ard 2423/1, Surekha Building, 28 (1), Room no. 213, G.B. Road,Delhi-6 Drum Shape Building, New Delhi
Thus the important point to consider is that the assessee should be able to provide reason amending expense claim etc
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Visiting card purchase
- GST on reimbursement of expenses
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Query on effect of registration of property
- Equity Share Sale and Purchase
- Whether output tax is taken credit by purchaser
- Additional trade name
- Number of years as per AS amortisation of Goodwill
- Wrong CMPo8 file
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
