Section 271(1)(c) provides that the AO or CIT(A) may levy a penalty where the assessee has concealed the particulars of his income or has furnished inaccurate particulars of his income. The Karnataka HC dealt with a situation as to whether penalty u/s 271(1)(c) can be levied where the addition is made as per MAP resolution […]
PENALTY UNDER SECTION 271(1)(c) IN CASE OF TP ADJUSTMENT
Section 271(1)(c) inter alia provides that the AO or CIT(A) may levy a penalty where the taxpayer has concealed the particulars of his income or has furnished inaccurate particulars of his income. Explanation 7 to s 271 provides that where transfer pricing addition is made under s 92C(4), the amount so added or disallowed […]