Addition u/s 68 - Levy of penalty u/s 271(1)(c) - concealment of ...

Case Laws Income Tax

April 28, 2020

Addition u/s 68 - Levy of penalty u/s 271(1)(c) - concealment of particulars - unexplained cash credit / bogus purchases - At the time of assessment, the appellant/assessee had failed to produce any explanation or evidence in support of the entries regarding purchases made from unregistered dealers. In the penalty proceedings, however, the appellant/assessee produced affidavits of 13 unregistered dealers out of whom 12 were examined by the Officer - Additions and penalty set aside - SC

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Addition u/s 68 - Levy of penalty u/s 271(1)(c) - concealment of ...

Case Laws Income Tax

April 28, 2020

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