High Court Upholds Penalty for Misrepresentation of Non-Existing Liability u/ss 271(1)(c) and 41(1) of Income Tax Act.

Penalty u/s 271(1)(c) - by showing a non existing liability as an existing liability, in the subject assessment year, the attempt was to escape offering of the ceased liability as income obliged to do under Section 41(1 - Levy of penalty confirmed - HC .....

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