Sec 40 A(3)

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MANISH KAPOOR

MANISH KAPOOR (Querist)
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07 October 2010 Is there any penalty u/s 271(1)(c)for dis-allowance u/s 40 A (3).

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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07 October 2010 While computing taxable income by the assessee, if provisions of section 40A(3) are not looked into, returned income will be inaccurate. Furnishing of inaccurate particulars of income attracts 271(1)(c) penalty since willful concealment is not an essential ingredient to initiate penalty proceedings.

MANISH KAPOOR

MANISH KAPOOR (Querist)
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07 October 2010 How can this penalty initiation be countered, Please advice.
How can we say that it is a willful concealment, it can also be due to ignorance of the assessee.
Please advice.

MANISH KAPOOR

MANISH KAPOOR (Querist)
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07 October 2010 Please provide me the case Laws related to rule 6dd(h) of the Income Tax.

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