penalty u/s 271(1)(c)
This query is : Resolved
11 December 2009
Whether penalty u/s 271(1)(c) is leviable in case of DDT imposed in proceedings u/s 143(3)for advances by a company having accumulated profits u/s 2(22)(e).
11 December 2009
Penalty cannot be imposed on the company. But it can be initiated in the case of the concerned shareholder who received the deemed dividend.
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