Penalty u/s 271(1)(c) - income declared duty survey - voluntary ...

Income Tax

November 22, 2022

Penalty u/s 271(1)(c) - income declared duty survey - voluntary delcaration or not - it is not a case wherein a disclosure was voluntarily made, indeed the assessee accepted the differential amount of business profit earned by him only after the same was brought to surface owing to survey action u/s 133A otherwise actual business profits would have remained un-assessed and untaxed, if survey action could not have taken place - Penalty sustained - AT

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Penalty u/s 271(1)(c) - income declared duty survey - voluntary ...

Income Tax

November 22, 2022

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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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