Indirect way of charging penalty u/s. 271(1)(c)

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CA. Jaimin Jayesh Sheth

Not Applicable

31 Points Posted on 18 September 2009

Clause (c) of Explanation 4 to Section 271(1) should be amended, so that penalty on concealment of income is not charged on income other than concealed income.

Indirect way of charging penalty leads to increase in tax liability of the assessee, computed in Calculation Sheet attached.

I have already forwarded the suggestion to the Chairman, CBDT in month of May, 2009 since it was in public interest, but no satisfactory answer has been received. I request all the readers to consider the same and please support me in these matter. Let we make effort together for public interest

Attached File : 6 tax calculation.xls downloaded: 173 times

Replies (3)

Rajeev

www.rkmco.com

952 Points Posted on 26 September 2009

jaiminji , congrats for your efforts , if u need any support / help for the same , do let me know .

Also i am planning to write about scrapping off (or atleast modifying ) provisions relating to 269SS and 269T

Sunil

Trader

2253 Points Posted on 26 September 2009

I think you should ask them to modify 269SS and 269T to allow electronic fund transfers and remittances through electronic means from Banks. The laws were made during days these methods of payments did not exist.

Rajeev

www.rkmco.com

952 Points Posted on 26 September 2009

Sunil , its deemed to include EFT ,LC, Book adjustment , Debit card , credit card etc , so i dont think thats an issue as long as the amount is credited/debited in the bank account . i think rule 6DD for 40 A(3) already includes that,not sure bt 269SS/T .

I want to highlight certain bigger issues in respect of 269SS/T .