sec271(1)(c)
This query is : Resolved
28 September 2009
Pls explain me wen penalty of 100% wen 150% n wen 200% n wen 300% is levied . i dont understand wen different rates in wat different circumstances, de different rates r applied. pls dont forward me bare act or advise me to read bare act . These things i can get from any income tax book.Its a very lenthy sec n dere r four or 5 expalinations wich i av read thoroughly, but still i av so many confusions. pls expain all those expalainations in ur own words.
Ratan Sharma
(Expert)
29 September 2009
If it is first default of the assessee then the penalty imposable is 100%.
If the assessee is habitually defaulter and willingly comitting such default then the penalty imposable is 300%.
How much penalty should be levied from 100% to 300% is the matter of judgement by the income Tax officer. It depends upon the circumstantial evidences, presence of mens rea, occurance of defaults, attitude of the assessee, non co-operation by the assessee etc.
There is no specific yardstick for determining the percentage of penalty. It solely depends upon the judgement of assessing officer.
If the assessee is habitually defaulter and willingly comitting such default then the penalty imposable is 300%.
How much penalty should be levied from 100% to 300% is the matter of judgement by the income Tax officer. It depends upon the circumstantial evidences, presence of mens rea, occurance of defaults, attitude of the assessee, non co-operation by the assessee etc.
There is no specific yardstick for determining the percentage of penalty. It solely depends upon the judgement of assessing officer.
CA. Bikash Bogi
(Expert)
29 September 2009
i am fully agree with Ratan.
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