penalty u/s 271 (1) (c)


This query is : Resolved 

(Querist)
29 December 2009 assesseee has charges the excess depreciation for full year instead of half year. at the time of procedding AO find the mistake and add/back to income .now these attract the penlaty u/s 271(1) (c)

29 December 2009 Charging more depreciation amounts to furnish inaccurate particulars of income; hence penalty can be levied.

29 December 2009 agree.Excess Depriciation is subject to additional of income and penalty leived.

30 December 2009 As per amended section 143(1) A.O. is required to adjust all inconsistancy, ommissions, arithmatical errors etc. while processing the return. Hence no penalty is to be imposed.

Further if your accounts are audited by a chartered accoutant then it is the absolute duty of the C.A. to calculate the Depreciation correctly.


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