Levy of penalty u/s 271(1) (c) - undisclosed investment - Since ...

Case Laws Income Tax

May 24, 2023

Levy of penalty u/s 271(1) (c) - undisclosed investment - Since the assessee could not explain the source of the purchase of the property and the payment towards interiors of villa the additions were made u/s. 69B confirmed - The addition so made was not voluntary but on being confronted during the assessment proceedings on the basis of seized material. - Levy of penalty confirmed - AT

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Levy of penalty u/s 271(1) (c) - undisclosed investment - Since ...

Case Laws Income Tax

May 24, 2023

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Penalty u/s 271(1)(c) - estimation of income - bogus purchases - penalty u/s 271(1)(c) of the Act cannot be levied where the addition is made on estimate basis - AT

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