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Penalty u/s 271(1)(c)

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(Querist)
28 December 2009 During the course of assessment proceedings u/s 143(3) for AY 2007-08 certain poropotion of interest paid to bank is disallowed on account of interest free advances to directors by a company. Can penalty u/s 271(1)(c) be levied on the company.
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MAHENDRA KUMAR BAGRECHA

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MAHENDRA KUMAR BAGRECHA (Expert)
28 December 2009 There are provisions for levy of penalty on escapment of income but generally these penalties get dropped as during the scrutiny if any expenditure got disallowed by AO then it is a difference of opinion and not due to intentionally escapment of income. Based on this argument and other facts (case to case basis), if reply to be given for penalty notice, AO may drop the notice.
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