*query*
In the original Income Tax Return the correct income. Was not reported but in response to Notice U/s 148, the correct income was reported, however the Tax Payment was done earlier before receipt of Notice u/s 148. Whether penalty u/s 271(1)(c) can be levied by Officer ?
Any judgement in favour of assessee ??
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Penalty u/s 271(1)(c)
Replies (6)
Quick Summary
I think , Assessee will be liable to pay penalty...
But as you know there is always an exception...
for that u should ellaborate basis of addition in reassessment
But as you know there is always an exception...
for that u should ellaborate basis of addition in reassessment
Okay Thanks more detailed answer is awaited
U make a request before the officer for exemption from imposition of penalty. the officer will be dutyful to search for favourable and adverse judgments. its the duty of tax officials.
271(1)(c) is a seperate proceeding other than assessment. AO will definately consider advance payment but it is his call to decide imposition of penalty
When the officer is sitting to decite the applicability and quantum of penalty he is liable to check for applicable judicial precedents
The AO has to exercise due diligence while penaly under 271(1)(c) is imposed . The assessee has right to prefer an appeal if is not in line with judicial pronuncements
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