R. W. Promotions P. Ltd. vs. ITAT (Bombay High Court)
Immunity against penalty under Explanation 5 is available even if return is not filed provided a statement is made during the search, explaining the manner of deriving the income and due tax & interest thereon is paid
In order to get the benefit of immunity under clause (2) of explanation 5 to section 271(1)(c) of the Income-tax Act, it is not necessary to file the return before the due date provided that the assessee had made a statement, during the search and explained the manner in which the surrendered amount was derived, and paid tax as well as interest on the surrendered amount.
In order to get the benefit of immunity under clause (2) of explanation 5 to section 271(1)(c) of the Income-tax Act, it is not necessary to file the return before the due date provided that the assessee had made a statement, during the search and explained the manner in which the surrendered amount was derived, and paid tax as well as interest on the surrendered amount.
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