Bala (Student) (498 Points)
04 February 2010Friends Pls help in this issue...X filed his return concealing his property income....... The AO added the property income without allowing the standard deduction and completed the assessment u/s 143(3). Can an appeal be filed with the CIT (Appeals) claiming the standard deduction... Is there any relevant case law !!!!!!!!!!!!!!!111
Bala
(Student)
(498 Points)
Replied 05 February 2010
Notice of Demand u/s 156 was issued... The time limit of 30 days was not yet lapsed
Amir
(Learner)
(4016 Points)
Replied 05 February 2010
Dear Balakrishnan,
AO cannot overrule the provisions while doing assessment, Standard deduction of 30% has to be allowed in case of concealed income also.
If AO want to penalize assessee then he can Impose penalty for concealment u/s 271(1)(c) upto 3 times the tax sought to be evaded, but cannot deprive assessee from claiming the deduction.
I think first move an application u/s 154, as a mistake apparent from the record & if AO still not allow ur claim then file a appeal to CIT(A)
C.Balaji
(Learner)
(1867 Points)
Replied 05 February 2010
Mr.Balakrishnan...
Agree with Mr.Amir...
AO cannot overrule the provisions while doing assessment, Standard deduction of 30% has to be allowed in case of concealed income also.
penalty for concealment u/s 271(1)(c) is 1 time upto 3 times the tax sought to be evaded...
please contact the A.O. with an application / a letter...
vipin
(student)
(107 Points)
Replied 05 February 2010
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