Tuesday 1 April 2014

Concealment penalty upheld as assessee had given false info about date and cost of acquisition of ca

IT : Where assessee gave incorrect information about date of acquisition and cost of acquisition of a property sold during relevant year, it was sufficient to raise an inference that assessee intended to evade tax liability on capital gain and, therefore, impugned penalty order passed by Tribunal under section 271(1)(c) was to be upheld


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