section 56(vi)
This query is : Open
25 November 2009
assessee had already shown credit of Rs. 1,80,000 in his capital account for the year 2006-07 and on scrutiny declared such credit as gift received from non-relatives by submitting all the relevant documents as required by officer. AO make addition of such credit as gift u/s. 56(vi). Now is it the case of furnishing inaccurate particular of income entail penalty u/s.271(1)(c) ?
25 November 2009
Yes, the provisions of penalty regarding concealment of income u/s 271(1)(c) would be attracted & penalty of min. 100 % & max 300 % of tax sought to be evaded could be imposed. However, if the assessee prooves that there was a reasonable cause for failure, penalty could be waived off.
26 November 2009
The assessing officer may impose penalty u/s 271(1)(c) in this case because assessee has concealed income by furnishing inaccurate particulars.
In this case, it is very difficult to prove that there was some reasonable case for failure.
In this case, it is very difficult to prove that there was some reasonable case for failure.
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