No Penalty u/s 271(1)(c) For Addition u/s 50C : Kolkata HC & 5 Tribunals

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penaltyWhile the scope of addition to total income u/s 50C is wide and now happing very frequently,. various courts are  consistently holding that the penalty u/s 271(1)(c) can not be made for just making a deemed income . Despite this initiating penalty u/s 271(1)(c) for addition u/s 50C of the Income Tax Act recklessly and without even pondering over whether the two primary condition for imposing some penalty u/s 271(1)(c)  even present , is very common among assessing officer.

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