Section 271(1)(c) Penalty not imposable if no addition to income

Swarnasathi Advisory Services Pvt. Limited Vs ITO (ITAT Kolkata)

A perusal of sub-cause (iii) of section 271(1)(c) would reveal that in the cases falling within the ambit of clause (c), the assessee would be directed to pay in addition to taxes any amount, which shall not be less than but which shall not exceed (three times) the amount of tax sought to be evaded. In other words, apart from the taxes required to be paid by an assessee on the additions made to his income, he will be required to pay a penalty, which is to be computed equivalent to the taxe

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