Tuesday 22 September 2015

Revenue could impose penalty without evidence if undisclosed income admitted again in post-search pr

IT : Where assessee himself admitted in presence of his Chartered Accountant that he had undisclosed income which was utilized for renovation of his bunglow, revenue authorities were not required to prove by bringing any positive evidence of existence of undisclosed income with assessee so as to levy penalty under section 271(1)(c)

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