loan converted into Donation Q : When loan are converted into donation can the penalty under section 271(1)(c) of income tax act be levied ? Where assessee institute having received loan from group companies, converted same into corpus donation, since lender companies were not doing any business and thus were not in a position to… Read More »
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 »
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 »