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EXPLANATION 4 TO SECTION 271(1)

Income Tax - Penalties - Circumstances, Procedures and Relief - 05 - Penalty for concealment of income [Section 271(1)] Under the existing provision contained section 271(1)(c) of the Act penalty for concealment of income for furnishing inaccurate pa .....

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he amount of concealed income. Courts have held that penalty under section 271(1)(c) cannot be levied in cases where the concealment of income occurs under the income computed under general provisions and the tax is paid under the provisions of secti .....

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of tax liability under MAT provision was relevant and not income determined under provisions of the Income-tax Act. When concealment of income did not lead to tax evasion under MAT provisions, no penalty would be levied. Section 271 of the Act has b .....

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unt of concealment of income on any issue is considered both under the general provisions and provisions of section 115JB or 115JC then such amount shall not be considered in computing tax sought to be evaded under provisions of section 115JB or 115J .....

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led income, the loss is reduced or is converted into income. Where in any case the amount of income in respect of which particulars have been concealed or inaccurate particulars have been furnished has the effect of reducing the loss declared in the .....

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