Description:
The penalty was initiated for filing inaccurate particulars of income, but it was levied for concealment of income – if the satisfaction arrived at during the assessment proceedings was for one reason, penalty cannot be levied for another reason – Even after retrospective insertion of S.271(1)(1B), the difference between the two limbs of S.271(1)(c) is not erased and still remains.
ITO v.Chhail Behari (Agra) (Trib.) 453 DTR 36 (2010).
SOURCE:
1. www.icaihyd.org
2. HYDERABAD BRANCH OF SIRC NEWSLETTER.Volume:12 Issue:8. August,2010,Page No.12
Our comment:
Penalty cannot be levied U/s 271(1) © where there is satisfaction for filing particulars of Income
