Sec 271(1)(c)

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 June 2012 We are manufacturer and In scrutiny case Assessing officer has raised demand along with initiate penalty proceeding u/s 271(1)(c). against this we have file an appeal and matter is pending with CIT (A).

Now show cause notice is received by us where AO wants to know why the penalty u/s 271(1)(c) should not be levied.

How to respond this notice.
whether we have to say the matter is pending till then no penalty should be levied or to write something else.

Is there any format for writing this.Please tell me the exact wordings asap.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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12 June 2012 Date....

From
________________________________
______________________________

_______________________________

To
______________________________

_____________________________
____________________________

Subject: – Reply to notices u /s 271(1)(c) of I T Act, 1961.

Ref: i) PANo.......Asst.Yr.........
ii)Your Office Letter No…………Dated.....

Sir,

I refer to your aforesaid letter dated ……….by which your Honor proposed to levy a penalty for concealment of income under section 271(1)(c) of the Income tax Act,1961 for which I would like to submit as under:-

1. That I had filed the return of income in your Honour's office for the Assessment year ………. On ………………

2. That the return had been processed on....... and intimation under section 143(1) had been served on me on........

3. That I had been served with a notice under section 143(2) of the said act on ........ and the case had been heard on .......

4. That I had been served with an assessement order under section 143(3) of the said act by which the taxable income had been fixed at Rs...... as against the returned income of Rs.........

5. That the addition to the declared income viz., Rs......... is on account of the following additions made at the time of assessment by your good self.
a).......
b).......
c).......

6. That I have declared true and correct return and that I have not concealed the income nor had given in accurate particulars of income for the assessment year......

Prayer:-

I ,therefore, pray that your Honor shall accept the conceded income as my true and correct income and to drop the proposed penalty proceeding initiated u/s 271(1)(c) of the Income tax Act,1961 as there was no malafide intention to conceal or furnish inaccurate particulars of income for the assessment year........

Your faithfully

Signature.

(Assessee Name)

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