Penalty u/s 271(1)(c) Deemed Improper for "Gift Received" Due to Lack of Recorded Satisfaction.

Penalty levied u/s 271(1)(c) - Credit capital account with the narration ‘Gift received’ - There is no merit in the levy of penalty under section 271(1)(c) of the Act where the initiation of penalty proceedings is without recording of satisfaction .....

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