Penalty u/s 271(1)(c) of Income Tax Act Not Applicable Due to No Tax Evasion or Additional Liability.

Penalty u/s 271(1)(c) - in the present case the result of assessing the income either under the head ‘income from other sources’ or u/s.68 of the Act, the liability to pay any additional tax does not arise and once there is no tax sought to be evaded, penalty u/s.271(1)(c) of the Act cannot be levied. - AT .....

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