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TMI BlogCase law - imposing penelty u\s 271(1)CX X X X Extracts X X X X X X X X Extracts X X X X ..... Case law - imposing penelty u\s 271(1)C X X X X Extracts X X X X X X X X Extracts X X X X ..... ible 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: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... When 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 fou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ). 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 an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d/ 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 th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... em and tax them and not assess, harrass and panalize the buyer X X X X Extracts X X X X X X X X Extracts X X X X
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