Saturday, 8 August 2015

Penalty levied as assessee had included surrendered income in revised return during assessment proce

IT : Where upon discrepancies noticed in accounts of assessee during search, assessee surrendered income on account of excess cash and stock, however later retracted from statement and did not include amount of surrender in return of income, this being a clear case of concealment, penalty had been rightly levied under section 271(1)(c)

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