Penalty u/s 271( c)

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Md.Yacoob Shariff (Querist)

22 December 2010 Sir, one of my client is in receipt of notice u/s 271 C of the IT Act, for the asst. year 2008-09, wherein the asst. completed u/s 143 (3) with the addition of Rs.33000/ being the Interest on RD.

Please help with the suitable reply.

Regards

Shariff

Krishna Mohan

Krishna Mohan (Expert)

22 December 2010 Penalty U/s 271(1)(c) will be levied only when there is mala fide intention from the assessee relating to tax evasion. Kindly let me know why the interest of RD was ommitted during IT filing. If the mistake was inadvertent or clerical with no mens rea,you can request the AO to drop the penalty.

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Md.Yacoob Shariff

Md.Yacoob Shariff (Querist)

22 December 2010 Sir, first of all thanks a lot for ur instant reply, and the interest on RD was omitted while filing the return, because assessee was not aware of this income untill they issued the tds certificate only during the month of November 2010.

I need to reply for this notice

Thanks
Mohamed Yacoob Shariff

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