Penalty u/s 271(1) C

[ishwar hegde]

The AO has issued assessment order and 271 notice on the same date. he has not specifically menchined whether it is a 'conceelment' or  'inacurate perticulars' But as per the section he has to record the reasons before the date of such search(findings) Whether Ao is justified? Ref case cit2006 -280itr 4129del) may be reffered?

[Vivek Harsh]

Under 271 penalty can be levied either for concealment or Inaccurate particulars or both. If he has recorded his satisfaction he can levy penalty.

AI Summary

Penalty for concealment or inaccurate particulars: officer may levy if satisfaction is recorded even with same date notice. Penalty may be levied for concealment, for furnishing inaccurate particulars, or both; the assessing officer must have recorded his satisfaction that such default exists, and if that satisfaction is recorded the officer can impose penalty even if the assessment order and penalty notice are dated the same day and the notice does not separately specify the ground.