Penalty u/s. 271(1)(c)
This query is : Resolved
23 December 2018
Return of income for the Asst. year 2016-17 carry loss of Rs. 10lakh , which was filed after due date of filing return of income U/S. 139. Also Next asst. year return of income this loss was not b/f due to late filing of return.
In scrutiny case no any addition made but loss not c/f as per return filed late (considering section 80 as well as u/s 139(3)) and levied penalty u/S. 271(1) (c) for incorrect information of loss c/f .
My question is officer is correct in his view
Or merely making a claim, which is not sustainable in law, by itself, will not amount to furnishing of inaccurate particulars regarding the income of the assessee.& no penalty can be levied on the same.
If possible share your view & case laws of such situation.
In scrutiny case no any addition made but loss not c/f as per return filed late (considering section 80 as well as u/s 139(3)) and levied penalty u/S. 271(1) (c) for incorrect information of loss c/f .
My question is officer is correct in his view
Or merely making a claim, which is not sustainable in law, by itself, will not amount to furnishing of inaccurate particulars regarding the income of the assessee.& no penalty can be levied on the same.
If possible share your view & case laws of such situation.
24 December 2018
Penalty will not sustain since willful concealment is not established.
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