Wednesday 30 September 2015

No penalty when additional income was surrendered by assessee only to buy peace and avoid protracted

IT: When subsequent to search certain documents belonged to assessee's father were seized wherein assessee had no interest, and, assessee offered additional income in his own hand to avoid protracted litigation and to save his aged father from harassment, penalty levied by Assessing Officer under section 271(1)(c) was unjustified

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