Tag Archives: Section 271(1)(c)

No penalty section 271(1)(c) if Complete disclosure of facts

By | August 19, 2015

Question : Can the penalty be levied in  section 271(1)(c) if the Assessee has disclosed all the facts ? Where there was complete disclosure of facts by assessee that an amount of Rs. 1.11 crore, which was received on account of a project not being fructified, was credited to partner’s capital account and assessee’s claim was… Read More »

40(a)(ia) TDS default based on opinion of CA was bona fide mistake , No Penalty

By | August 5, 2015

Question: Where assessee-company made payment to a foreign company without deduction of tax at source on basis of certificate issued by Chartered Accountant, same was a bona fide mistake and hence, assessee was not liable to penalty for concealment of income ? Answer Yes,  When it was found that Chartered Accountant had given a certificate to… Read More »