Answers On Topic: concealment
Assessee is private limited co and during the course of assessment proceedings AO made the addition U/SEc.14A, Write off advances to 100% subsidiary co established in China and non submission of receipt of donation. CIT A confirm all the additions . ITAT has reduced the disallowance U/sec. 14A to the extent of exempt income. and confirm the addition made by the AO . on the ground of writeoff of advances to subsidiary co on the ground that the assessee failed to substantiate the claim made by the co. AO has levied the Penalty U/SEc. 271(1) (c) for furnishing of inaccurate…
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Assessee is a partnership firm engaged in the business of manufacturing and job work of engineering goods. Search u/s 132 of the Act was carried out in the month of January,2018. While filing return of income in response to notice u/s 153A, assessee firm discloses additional income on account of unaccounted scrap sale. This scrap sale has been worked out by estimating burning loss at the rate of 20% and the assessee firm declared income as unaccounted scrap sale. Penalty proceedings u/s 271(1)(c) are initiated for concealing the inaccurate particulars of income in the assessment order. Notice u/s 274 r.w.s…
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What are the consequences of 271(1)C ? also how to prove and how to solve 271 1c ?
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Assessee is an individual and has income from partnership firm, interest on fixed deposits. The assessee has filed the return of income for A.Y 2015-16 wherein the income on account of LTCG on sale of agricultural land and interest on savings bank account was remained to be disclosed in the return of income. Therefore assessee submitted a letter before the AO that he was under a bonfide belief that the land being agricultural land situated outside 8 kms from the local authorities, therefore has not offered the income form sale of said land in the return of income. After coming…
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Penalty U/SEc. 271(1)(c) of the Act