Taxpayer Penalized u/s 271(1)(c) for Lack of Evidence; Surrendered Additions to Avoid Litigation.

Levy of penalty u/s 271(1)(c) - assessee has surrendered and agreed for the additions at the assessment stage merely to buy peace of mind and to avoid further litigation - no explanation for any of the issues nor any documentary evidences - penalty sustained in view of Explanation-1 to Section 271(1)(c) .....

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