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Case law - imposing penelty u\s 271(1)C
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....ase law - imposing penelty u\s 271(1)C<br> Query (Issue) Started By: - GYAN JAIN Dated:- 13-1-2010 Last Reply Date:- 16-1-2010 Income Tax<br>Got 2 Replies<br>Income Tax<br>The AO treat 25% of unverifi....
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....ble purchases as Income and trading addiion was made . Whether the AO can imposed penelty u\s 271(1)C or not . if not provide suitable case laws if any available Reply By Surender Gupta: The Reply: W....
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....hen the addition is being made only of technical ground, AO should not impose any penalty. In case he imposes the penalty,you would get the relief at appropriate level. But, if the transaction is foun....
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....d to be bogus one, certainly this case is of a penalty. Therefore, the facts and nature of the unverifiable purchase would be a major factor for determining the levy of penalty under section 271(1)(c)....
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..... Reply By DEV KUMAR KOTHARI: The Reply: Whether it is case of 'unverifiable purchase' or 'unverifible suppliers'. If purchase is verified by book entries in stock record as goods in, consumption and....
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..../ or sale of those goods as goods out or as clsong stock in quantity, then addition as well as penalty cannot be made. If it is a simple case of supplier parties not available, the A.O. must trace the....
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....m and tax them and not assess, harrass and panalize the buyer<br> Discussion Forum - Knowledge Sharing ....