TaxTMI 
TaxTMI 
notice u/s 271(1)(c)
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....otice u/s 271(1)(c)<br> Query (Issue) Started By: - Mayank Raval Dated:- 26-6-2011 Last Reply Date:- 28-6-2011 Income Tax<br>Got 1 Reply<br>Income Tax<br>Dear sirs. My party has filled the return of ....
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....income , comes under the scrutiny , in the matter A.O. found two points where he objected & made a addition to the matter. Points are as under : 1. A.O. has demanded that my client has not ded. the ....
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....TDS on source of the Loans taken from the Fin. Compnaies other than bank , here they have not made any TDS for the same. 2. My client has not given the effect of the cut off procedure for the expendi....
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....tures to make proportion to the Prepaid Expenses in relation to the Insurance expenses and it involves Rs. 3 Lacs so here the A.O. has made the 60 % adhoc addition to the income. Pls help me to resol....
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....ve the case with some materials availabe to solve the matter. Reagrds Mayank Reply By Rama Krishana: The Reply: Since your question is related to penalty u/s 271(1)(c), in my view, you can claim ....
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....relief on the ground of banafide belief. If there is no intention to evade tax or concealment of income, no penalty under section 271(1)(c) be imposed. The addition has been made on technical grounds ....
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....and the assessee has suffered for the same under different set of provisions, therefore, I hope that penalty would be waived off.<br> Discussion Forum - Knowledge Sharing ....