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section 2(22)(e) or section 271(1)(c)

Bijal Karvat (Articled assistant) (46 Points)

07 December 2010

A loan was takem from a sister concern by the company on a temporary basis and the original return was filed without the provision of section 2(22)(e) being attracted...however a revised returned was filed for that..but the assessing officer has issued the notice u/s 271(1)(c)
kindly suggest the applicability of section 271(1)(c) with the relevant case law

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4 Replies

CA. MUKESH KUMAR (CHARTERED ACCOUNTANT) (183 Points)
Replied 07 December 2010

As per explanation to section 271(1)(c) furnising of inaccurate information in the return amounts to concelement of income so in this section 271(1)(c) will attract.

Priyank (Learner) (98 Points)
Replied 07 December 2010

Assuming you have filed Revised return u/s 139(5) before issuance of notice of assessment, we can say that the revised return relates to the original return filed u/s 139(1). i.e. For all purpose of the IT Act, 1961 the revised return shall be deemed to be filed on the date of filing of original return. If this is the case, AO shall not be justified in initiating penalty proceedings on the basis of incorrect particulars furnished in the original return.