latest law on 271(1) C

Yes, once IT officer find the income escaped from the assessed income, there is a provision to intiate penalty wich is 100% to 400% along with the revised taxable salary. But talk to officer since the penalty proceedings can be dropped who has raised the Penalty.

Regards

Thanks Rajini Ji , But I am looking forward to get a latest judgement favouring me .

You may appeal for the quantum i.e. assessed u/s 143(3) and if commissioner appeals pleased to agree about  no deliberate intention about concealment of income but on bonafide belief about expenses to be allowed from the incentive then the penelty proceeding autometicaly be dropped. Till that you may pray before Assessing Officer to keep the penelty proceeding in abayance till the disposal of first appeal.

 Hi all can you tell me what is latest APEX VERDICT ON ATUL MOHAN BINDAL (SC) case