#section 271(1)

[canadaupdate]

Section of 271(1) of the Income Tax Act provides that in case an assessee has concealed particulars of his income or has furnished incorrect details of his income, a penalty under section 271(1) can be imposed under the Act.

[canadaupdate]

The Delhi High Court confirming no penalty under Section 271(1)  of the Income Tax Act, 1961 against the assessee where the assessee has disclosed its income in the notes to accounts in the case of Karan Raghav Exports vs. the Commissioner of Income Tax.

[canadaupdate]

A person will be penalized under section 271(1) of the Income Tax Act, 1961 if an A.O or the Commissioner during any proceedings believes that he has concealed the details of his income or has stated incorrect particulars of his income.