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AAR on Prima facie satisfaction for initiation of penalty proceedings required even post-amendment
Case Law Details
- Case Name
- Madhushree Gupta and British Airways Plc Vs UOI and Anr (Delhi High Court)
- Appeal Number
- Only available for paid members
- Courts
- All High Courts, Delhi High Court
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Background :-Section 271(1)(c) of the Income-tax Act, 1961 (“the Act”) empowers the Assessing Officer (“AO”) to levy penalty if he is satisfied that the assessee has concealed the particulars of income or furnished inaccurate particulars of income.
A new section 271(1B) was introduced by the Finance Act, 2008 with retrospective effect from 1 April 1989, providing that in a case where an addition/disallowance has been made in computing taxable income/loss, a direction given by the AO to initiate penalty proceedings would deem to constitute „ satisfaction? for initiation of penalty pro...
