TaxTMI 
TaxTMI 
Issue of notice - concealment of Income
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....ssue of notice - concealment of Income<br> Query (Issue) Started By: - Krishan K Dalmia Dated:- 4-4-2009 Last Reply Date:- 11-4-2009 Income Tax<br>Got 2 Replies<br>Income Tax<br>Rectification of Mista....
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....ke 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 154 notice that the sales cons....
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....ideration 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 ITO issue notice u/s 271(1)(....
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....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 wrong intention of the assessee and h....
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....e 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 Bhatia: The Reply: In your case section....
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.... 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 concealment and to avoid imposition of penalty, ....
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....it should be argued strongly quoting various case laws available in your favour<br> Discussion Forum - Knowledge Sharing ....