Saturday 19 October 2013

No concealment if an expense was disallowed as two possible views existed on its allowance

IT: Where revenue authorities relying upon different set of evidences, took a different view in respect of assessee's claim of payment of certain expenses, having regard to existence of two possible views, penalty under section 271(1)(c) could not be imposed in respect of disallowance of aforesaid claim of assessee


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