In respect of expenditure, where income of In respect of expenditure, where income of the is the previous is “specified previous year” “specified year” represented by any entry for expense represented by any entry for expense recorded in books / documents maintained recorded in books / documents maintained in the normal course relating to the in the normal course relating to the which is found to previous which is found to “specified previous year”, “specified year”, be false and which would not have been be false and which would not have been found to be false if the search had not found to be false if the search had not been conducted. been conducted. No penalty u/s 271(1)(c) is imposable in No penalty u/s 271(1)(c) is imposable in respect of undisclosed income referred to respect of undisclosed income referred to in this section. in this section. The provisions of Section 274 are The provisions of Section 274 are applicable: applicable: Reasonable opportunity of being heard Reasonable opportunity of being heard should be given. should be given. The approval of the Joint Commissioner is The approval of the Joint Commissioner is required to be obtained by the Income Tax required to be obtained by the Income Tax Officer where penalty exceeds Rs.10,000, Officer where penalty exceeds Rs.10,000, and by the Assistant Commissioner or and by the Assistant Commissioner or Deputy Commissioner where penalty Deputy Commissioner where penalty exceeds Rs.20,000 exceeds Rs.20,000 Limitation for passing order of penalty as Limitation for passing order of penalty as specified in Section 275 is applicable specified in Section 275 is applicable
In respect of expenditure, where income of the “specified previous year” is represented by any entry for expense recorded in books / documents maintained in the normal course relating to the “specified previous year”, which is found to be false and which would not have been found to be false if the search had not been conducted. In respect of expenditure, where income of the “specified previous year” is represented by any entry for expense recorded in books / documents maintained in the normal course relating to the “specified previous year”, which is found to be false and which would not have been found to be false if the search had not been conducted. No penalty u/s 271(1)(c) is imposable in respect of undisclosed income referred to in this section. No penalty u/s 271(1)(c) is imposable in respect of undisclosed income referred to in this section. The provisions of Section 274 are applicable: Reasonable opportunity of being heard should be given. The approval of the Joint Commissioner is required to be obtained by the Income Tax Officer where penalty exceeds Rs.10,000, and by the Assistant Commissioner or Deputy Commissioner where penalty exceeds Rs.20,000 The provisions of Section 274 are applicable: Reasonable opportunity of being heard should be given. The approval of the Joint Commissioner is required to be obtained by the Income Tax Officer where penalty exceeds Rs.10,000, and by the Assistant Commissioner or Deputy Commissioner where penalty exceeds Rs.20,000 Limitation for passing order of penalty as specified in Section 275 is applicable Limitation for passing order of penalty as specified in Section 275 is applicable
Gift-related-transactions-and-capital-gains.docx