28 May 2015
The Income was declared in the ROI, but certain deductions were wrongly claimed, resulting in Short Payment of income tax, However the assesee is ready to pay the same when the same is brought to his notice. If the Assessing Officer is convinced that the Income was not concealed but due to over site some deductions were wrongly claimed, resulting in less payment of income tax, is this penalty u/s 271(1) (c) is at discretion of AO, and if he is convinced with same he may waive the same. Or once this is proved that the Tax was short paid it is compulsorily imposed on assesses irrespective of anything
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