Penalty u/s 271
This query is : Resolved
21 September 2009
There is a capital expenditure that was charged to P&L account, in the tax audit report that amount was shown as disallowed being capital expenditure charged to P&L A/c. At the time of filing of return the capital expenditure was omitted to be added back to calculate the income for the year. Whether in this case penalty u/s 271 for concealment of income would be levied or not?
21 September 2009
The assessee has furnished inaccurate particulars of income. Penalty can be levied u/s 271(1)(c).
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