Sec. 271(1)(c)
This query is : Resolved
19 April 2016
Dear sir
in A.y 13-14 we have made sale of aggriculture land and claim exemption. but income tax authority brought said income to tax treating it as capital gain income , on the ground that the assessee has been sold the land in small parts in plots. we have submitted the tax on such capital gain. now department has issued notice u/s 274 leving penalty u/s 271(1)(c) and asking why penalty on you should not be made.
what are remadies available to us.
in A.y 13-14 we have made sale of aggriculture land and claim exemption. but income tax authority brought said income to tax treating it as capital gain income , on the ground that the assessee has been sold the land in small parts in plots. we have submitted the tax on such capital gain. now department has issued notice u/s 274 leving penalty u/s 271(1)(c) and asking why penalty on you should not be made.
what are remadies available to us.
19 April 2016
1. Rely to the notice without deviating from the original stand.
2. If penalized, try in appeal before CIT(Appeals).
2. If penalized, try in appeal before CIT(Appeals).
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