Penalty:Supreme Court Sets 4 Major Principles !

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Penalty u/s 271(1)© of the Income Tax Act is initiated  by assessing officer , usually when he makes addition while computing total income in an assessment proceeding u/s 143(3) .The proceeding u/s 271(1)© is challenged more than the assessment by A.O because while the additions are done on technical grounds , many time , the A.O also initiates the penalty very casually and almost as an after effect of his addition to the income of the assessee. This article attempts to provide latest 10 case laws from Supreme Court and High Courts on various issues related to penalty proceeding u/s 271(1)© of the Income Tax Act

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About Prashant Thakur
The author has spent twenty years with Income Tax department and desire to service common citizen of India which include professionals like tax practioners ,CA,ICMA, CS and tax lawyers by advising them on the direct tax matters for a very affordable fee.

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