Issue of notice - concealment of Income

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..... Rectification of Mistake U/s 154 of IT Act . In a case assessee file IT return by taking sales consideration as per the Sales deed. ITO passes the order and accepted the same. After ITO issued 15 .....

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..... 4 notice that the sales consideration should be the amount on which the purchaser had paid the STAMP DUTY. ITO issued the challan of Rs. 8.73 Lacs. Assessee paid the challan. My question is that will .....

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..... ITO issue notice u/s 271(1)(C) for the concelament of income. Regards - Reply By Dinesh Gupta - The Reply = Penalty u/s 271(1)(c) can not be imposed unless it is proved by the AO that there was wro .....

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..... ng intention of the assessee and he has evaded tax deliberately. Mere an order u/s 154 can not satisfy this condition. Therefore, you need to argue this case accordingly. - Reply By Harish Chander Bh .....

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..... atia - The Reply = In your case section 50 has been invoked,and the same was required to be contested, since you have accepted the the decision of the AO and admitted the tax,it is an active concealme .....

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..... nt and to avoid imposition of penalty, it should be argued strongly quoting various case laws available in your favour - Issue of notice - concealment of Income - Query Started By: - Krishan K Dalmia .....

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..... Dated:- 4-4-2009 Income Tax - Got 2 Replies - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement .....

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..... - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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