V.Imp.Case
CIT v.Reliance Petro Product Pvt Ltd 2010 (SC)
CIT v.Vijay Kumar Jain2010 (Chhattisgarh)
Penalty u/s271(1)(c)can b levied only wen there is CONCEALMENT of particulars of income/furnishing INACCURATE or FALSE particulars of income
e.g.1.Making an incorrect claim(i.e. which has been disallowed)wud not,by itself,tantamount to furnishing inaccurate particulars.
2.Levy of penalty u/s271(1)(c)on the basis of addition made on a/c of application of highr rate of NP by applying Sec145,consequent2rejection of books
CIT v.Reliance Petro Product Pvt Ltd 2010 (SC)
CIT v.Vijay Kumar Jain2010 (Chhattisgarh)
Penalty u/s271(1)(c)can b levied only wen there is CONCEALMENT of particulars of income/furnishing INACCURATE or FALSE particulars of income
e.g.1.Making an incorrect claim(i.e. which has been disallowed)wud not,by itself,tantamount to furnishing inaccurate particulars.
2.Levy of penalty u/s271(1)(c)on the basis of addition made on a/c of application of highr rate of NP by applying Sec145,consequent2rejection of books
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