High Court Overturns Tribunal Decision on Taxing Undisclosed Income; Focuses on Anomaly, Not Section 271(1) Penalty.

Treatment of income recovered during search - The anomaly and the remedy was found in a different form, namely, to levy “penalty“, as distinguished from “tax at a higher rate“, on the undisclosed income - the subject-matter is not levy of penalty u/s 271(1) of the Act – the order of the Tribunal cannot be upheld - HC .....

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