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271(1) (c)

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Raj Kumar

17 Points Posted on 13 July 2021

Whether penalty u/s 271(1) (c) is Levi able in reassessment case u/s 271(1) (c), when returned income is accepted and no addition made.

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Quick Summary

This discussion explores whether a penalty under Section 271(1)(c) of the Income Tax Act, 1961, can be levied in a reassessment case when the returned income was accepted and no additions were made. Penalties under this section are typically for concealing income or providing inaccurate particulars. The content suggests that a penalty may still be applicable in such scenarios, and an appeal process is available, though it requires paying 20% of the tax/penalty amount.

debora M

BUSINESS DEVELOPMENT MANAGER

1697 Points Posted on 13 July 2021

A penalty is levied under Section 271(1)(c) of the Income Tax Act, 1961 if the assessee has concealed the particulars of his income or furnishes inaccurate particulars of income. The concerned officer must be satisfied that the assessee has either concealed his income or furnished inaccurate particulars of income