Avail 20% discount on updated CA lectures for Dec 21 .Use Code RESULT20 !! Call : 088803-20003


Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Ryan Lasrado (CEO)     13 June 2021

Faceless penalty

The AO had reopened a case u/s 148 for Ay 2012-13The computation had income of rs 25 lacs ,tds of rs 10 lacs and self assessment tax of rs 1 lac. The assessment order was passed as per the computation. However in the penalty notice u/s 271(1)(c) he had stated that the entire income to be considered as concealed income and penalty to be levied of rs 11 lacs. Can he pass the order to that effect or the maximum amount of penalty chargeable is the tax evaded of rs 1 lac? 

 1 Replies

Asha Kanta Sharma

Asha Kanta Sharma (Manager - Finance & Accounts)     20 June 2021

I think the penalty can be imposed upto 300% of the amount of tax sought to have been evaded. 

Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Start a New Discussion

Popular Discussion

view more »

Subscribe to the latest topics :
Search Forum:

Trending Tags