TMI BlogPenalty u/s 271(1)(c) - accrual of income for assessee society - In assessee`s appeal assessing officer...Penalty u/s 271(1)(c) - accrual of income for assessee society - In assessee`s appeal assessing officer treated contribution towards welfare Fund and Hospital Fund as income of the assessee and added to the total income of the assessee and then initiated penalty proceedings under section 271(1) (c ) of the Act. We note that these are non-refundable and refundable deposits hence cannot be treated as the income of the Assessee-Societies. - No penalty - AT ..... X X X X Extracts X X X X X X X X Extracts X X X X
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