Penalty u/s. 271(1)(c) - inadvertent omission of not excluding ...

Income Tax

August 23, 2019

Penalty u/s. 271(1)(c) - inadvertent omission of not excluding the short term loss u/s. 94(7) - AO has completed the assessment on the basis of details furnished by the assessee wherein he has paid voluntary taxes on disallowance u/s 94(7) - the assessee fully disclosed all the information asked for and has nowhere furnished any inaccurate particulars and since AO has not brought enough incriminating material then penalty is not leviable

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Penalty u/s. 271(1)(c) - inadvertent omission of not excluding ...

Income Tax

August 23, 2019

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Failure on the part of the assessee to file the returns voluntarily, as statutorily prescribed, would be a culpable act or omission attracting penalty under Section 271(1)(c).

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