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penalty u/s 271(1)(c)

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(Querist)
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).
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
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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