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Question ID : 43316

082701

If an expense say Interest or Professional charges are paid without TDS deduction. Can by Increasing Net profit by 1/3 of Expense We are not liable to any other penality.

Posted by Mahesh Kumar on Jun 29, 2022

Filed Under DIRECT TAXES

Answer ID : 81539

Yes, penalty cannot be imposed. Inference - CIT Vs Reliance Petro Chemicals P Ltd (2010) 322 ITR 158 (SC).

Posted by B.CHACKRAPANI WARRIER on Jul 09, 2022