Penalty u/s 271(1)(c) - Assessee filed return of income in ...

Penalty u/s 271(1)(c) not leviable if assessee voluntarily discloses & pays tax during reassessment without adjustment.

Case Laws Income Tax

August 7, 2024

Penalty u/s 271(1)(c) - Assessee filed return of income in response to notice u/s 148 - No difference between returned income and assessed income - Assessee voluntarily disclosed and paid tax on income during reassessment proceedings - Following jurisdictional High Court decisions, if assessee files correct income during reassessment and disclosure is accepted without adjustment, no penalty u/s 271(1)(c) is leviable - Decided in favor of assessee.

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Penalty u/s 271(1)(c) - Assessee filed return of income in ...

Penalty u/s 271(1)(c) not leviable if assessee voluntarily discloses & pays tax during reassessment without adjustment.

Case Laws Income Tax

August 7, 2024

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