Saturday 26 October 2013

No concealment penalty if CIT(A) couldn't doubt assessee's explanation as to claim for a deduction

IT: Where Commissioner (Appeals) had disallowed assessee's claim for deduction of expenditure and also imposed penalty under section 271(1)(c) upon it, since there was no finding by Commissioner (Appeals) that explanation offered by assessee was not a bona fide one, imposition of penalty was illegal


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