Penalty u/s 271(1) C, Income Tax

[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?

Posts / Replies

[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.