Penalty on addition of 40A(b)

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..... Penalty on addition of 40A(b)
Query (Issue) Started By: - geetha menon Dated:- 7-5-2011 Last Reply Date:- 7-5-2011 Income Tax
Got 1 Reply
Income Tax
The A.O. has made addtion u/s. 40A(b) .....

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..... on account excess interest payment to relative (18%-12%= 6%. Penalty u/s. 271(1)(c) can levy on the above addition Reply By GOPALJI AGRAWAL: The Reply: I think you are talking abt 40(2)(b) provision .....

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..... s. Penalty can not be levied as it is neither inacccurate particulars nor concealment case. It has also been held in the case of Jhavar Properties (P) Limited. Versus Assistant Commissioner Of Incom .....

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..... e-Tax. The case details is available at the following link: http://www.taxmanagementindia.com/visitor/detail_case_laws.asp?ID=59637
Discussion Forum - Knowledge Sharing .....

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