Safeguard measures: Utmost care is required to substantiate claims made in return of income or loss in view of fact that in cases of loss also penalty u/s 271(1)(c) can be levied as per recent ruling from the Supreme Court of India.

Safeguard measures: Utmost care is required to substantiate claims made in return of income or loss in view of fact that in cases of loss also penalty u/s 271(1)(c) can be levied as per recent ruling from the Supreme Court of India. https://www.taxtmi.com/article/detailed?id=145 A penalty for inaccurate particulars may be imposed even when a return shows a loss; therefore claims must satisfy the bonafide claim test and be preserved in the original or a validly revised return. Taxpayers should substantiate contentious claims by stating them in the computation or in an explanatory or "without prejudice" letter linked to the return, retain supporting decisions or legal opinion, and, if necessary, pursue rectification, appeal or revision when claims are disallowed. en-us Thu, 21 Aug 2008 00:00:00 +0530 Sat, 07 Mar 2009 16:31:42 +0530 TaxTMI RSS Generator Safeguard measures: Utmost care is required to substantiate claims made in return of income or loss in view of fact that in cases of loss also penalty u/s 271(1)(c) can be levied as per recent ruling from the Supreme Court of India. https://www.taxtmi.com/article/detailed?id=145 A penalty for inaccurate particulars may be imposed even when a return shows a loss; therefore claims must satisfy the bonafide claim test and be preserved in the original or a validly revised return. Taxpayers should substantiate contentious claims by stating them in the computation or in an explanatory or "without prejudice" letter linked to the return, retain supporting decisions or legal opinion, and, if necessary, pursue rectification, appeal or revision when claims are disallowed. Articles Income Tax Thu, 21 Aug 2008 00:00:00 +0530 https://www.taxtmi.com/article/detailed?id=145