{"id":21339,"date":"2021-09-06T18:23:59","date_gmt":"2021-09-06T12:53:59","guid":{"rendered":"https:\/\/itatonline.org\/digest\/?post_type=qa&#038;p=21339"},"modified":"2021-09-06T18:23:59","modified_gmt":"2021-09-06T12:53:59","slug":"circular-of-cbdt-on-low-tax-effect-and-exceptions-applicability-on-penalty-u-s-2711c-of-rs-600000","status":"publish","type":"qa","link":"https:\/\/itatonline.org\/digest\/qa\/circular-of-cbdt-on-low-tax-effect-and-exceptions-applicability-on-penalty-u-s-2711c-of-rs-600000\/","title":{"rendered":"CIRCULAR OF CBDT ON LOW TAX EFFECT AND EXCEPTIONS. APPLICABILITY ON PENALTY U\/S 271(1)(C) OF RS.600000"},"content":{"rendered":"<p>Additions were made in the Assessment order on account of discrepancies  found in stock in trade ,cash in hand etc.  The same was confirmed by CIT(A) and also by ITAT<br \/>\nPenalty u\/s 271(1)(C) of Rs.600000 was levied by A.O.<br \/>\nThe same was deleted by CIT(A) on the legal ground that the penalty was passed after 6 months from the date of ITAT order.<br \/>\nThe department has filed appeal against the order of CIT (A) deleting the aforesaid penalty on 2 grounds:<br \/>\n1.The order of ITAT was received in the office of CIT after 3 months from the date of ITAT order and penalty order was passed within 6 months from the date of receipt in CIT office and therefore levy of penalty is not justified.<br \/>\n2. The case of assessee is covered under exceptions as per para 10(a) of the circular No.03\/2018 dated 11\/07\/2018 of CBDT and further amendments thereto on 20\/08\/2018.<\/p>\n","protected":false},"comment_status":"open","ping_status":"closed","template":"","qa_expert":[33],"qa_category":[23],"qa_tag":[348],"class_list":["post-21339","qa","type-qa","status-publish","hentry","qa_expert-advocate-shashi-ashok-bekal","qa_category-income-tax","qa_tag-penalty-monetary-limit-circular-limitation"],"acf":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa\/21339","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/qa"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=21339"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=21339"}],"wp:term":[{"taxonomy":"qa_expert","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_expert?post=21339"},{"taxonomy":"qa_category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_category?post=21339"},{"taxonomy":"qa_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_tag?post=21339"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}